Verizon Reports Sale of Verizon Media to Apollo Funds for USD 5 Billion | #site_titleVerizon Reports Sale of Verizon Media to Apollo Funds for USD 5 Billion

Verizon Reports Sale of Verizon Media to Apollo Funds for USD 5 Billion

Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) announced that funds managed by affiliates of apollo have entered into an agreement to acquire Verizon Media for USD 5 Billion.  Verizon reported that it will retain a 10% stake in the company, known as Yahoo at close of the transaction and will continue to be led by CEO Guru Gowrappan. This transaction will allow Verizon Media to rapidly pursue growth areas, benefit its employees, advertisers, publishing partners and its millions of monthly active users worldwide.  “We are excited to be joining forces with Apollo,” said Guru Gowrappan, CEO, Verizon Media. “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo’s sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help to accelerate our growth for the long- term success of the company.”

“We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,” said Reed Rayman, Private Equity Partner at Apollo. “We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”

“We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms,” said David Sambur, Senior Partner and Co-Head of Private Equity at Apollo. “Apollo has a long track record of investing in technology and media companies and we look forward to drawing on that experience to help Yahoo continue to thrive.”