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Verizon Sells Media Assets Led By Yahoo To Apollo Global Management For $5 Billion

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deadline.com
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Verizon said Monday it’s clinched a deal to sell its media assets to  Apollo Global Management and related entities for $5 billion.

Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.Verizon Media brands are led by Yahoo and AOL. “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,” the company.“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

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