Verizon sells Yahoo and AOL for $ 5 billion to an investment fund

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The US telecommunications giant Verizon announced, on Monday, that it had reached an agreement with a fund to invest in private stocks to sell the two internet stars Yahoo and AOL for five billion dollars.
The deal with the Apollo Global Management Fund also includes the entire Verizon Media unit, including the two brands’ advertising technology operations.
Verizon said in a statement that it would obtain from the “Apollo” investment fund $ 4.25 billion in cash, while $ 750 million would be in preference shares.
Verizon indicated that it will keep a 10 percent stake in the company, which will remain under CEO Guru Gorban’s management upon completion of the deal, which is expected in the second quarter of this year.
Verizon acquired Yahoo in 2017 for about $ 4.5 billion, and merged it into its unit with AOL, which it acquired in 2015 in exchange for $ 4.4 billion from Time Warner. However, the momentum of the two internet icons in the first decade of the twenty-first century is waning, as well as their market share and advertising incomes; Internet users have turned to newer platforms, including Google and Facebook. (AFP)




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