By Eurasia Business News, May 3, 2021
One of the largest global technology and media companies, Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses.
The US telecommunications company Verizon (NYSE: VZ) has agreed to sell its Verizon Media division to Apollo Global Management funds (NYSE: APO) for $ 5 billion, the company announced in a press release on May 3.
Verizon and Apollo Global Management, Inc. announced that funds managed by Apollo affiliates have entered into an agreement to acquire Verizon Media for $ 5 billion. Absorption is expected in the second half of this year.
Verizon Media includes brands such as Yahoo and AOL.
Under the terms of the transaction, detailed in a statement from Verizon, the group will receive from the Apollo investment fund $ 4.25 billion in cash, and $ 750 million in preferential securities.
Verizon will retain a 10% stake in the new entity, called “Yahoo” and reported that : “The corporate carveout will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide.“
Yahoo and AOL, these two Internet giants of the 2000s had been bought by Verizon a few years ago for nearly 9 billion dollars. They are now owned by the Apollo investment fund.
Verizon Corporation was founded in 2000 through the merger of Bell Atlantic Corp. and GTE Corp. Verizon. The company employs about 130 thousand people. Verizon is headquartered in New York. The corporation provides services for fixed and mobile communications, satellite broadband Internet access, and also produces telephone directories.
Goldman Sachs served as lead financial advisor to Verizon in the transaction. Evercore also served as financial advisor to Verizon. Kirkland & Ellis LLP and Freshfields Bruckhaus Deringer LLP are serving as legal counsel to Verizon.
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