Verizon Sells Yahoo and AOL to Apollo for $5 Billion.
The companies made the announcement on May 3.
Apollo will acquire online media brands such as TechCrunch, Yahoo Finance and Engadget which were under the former AOL and Yahoo umbrellas.
Verizon will receive $4.25 billion in cash and maintain a 10% stake in the company that will be rebranded as Yahoo.
The sale indicates that Verizon is shifting its focus away from media to wireless networks and other internet-related businesses.
In a similar move last year, the wireless company offloaded HuffPost to BuzzFeed.
Both companies expect the sale to be completed in the second half of 2021
