Yahoo, AOL sold — again — for about $5 billion

Tech

LAS VEGAS, NV – JANUARY 07: A Yahoo! logo is shown on a screen during a keynote address by Yahoo! President and CEO Marissa Mayer at the 2014 International CES at The Las Vegas Hotel & Casino on January 7, 2014 in Las Vegas, Nevada. CES, the world’s largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo by Ethan Miller/Getty Images)

NEW YORK (AP) — AOL and Yahoo are being sold again, this time to a private equity firm.

Verizon will sell Verizon Media, which consists of the pioneering tech platforms, to Apollo Global Management in a $5 billion deal.

Verizon said Monday that it will keep a 10% stake in the new company, which will be called Yahoo.

Yahoo at the end of the last century was the face of the internet, preceding the behemoth tech platforms to follow, such as Google. And AOL was the portal, bringing almost every early adaptor to laptops online.

As part of the deal, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and the minority stake. The transaction includes the assets of Verizon Media, including its brands and businesses such as Yahoo and AOL.

The deal is expected to close in the second half of the year.

Trademark and Copyright 2021 The Associated Press. All rights reserved.

© 1998 - 2021 Nexstar Media Inc. | All Rights Reserved.

Trending on NewsNationNow.com