Verizon announced on Monday that it’s promoting Yahoo and AOL for $5 billion to private-equity agency Apollo International Administration. Verizon made the deal official only a few days after information studies mentioned that Verizon had put Yahoo and AOL up for sale. The media division can be identified simply as “Yahoo” after the sale is accomplished later this yr.
Verizon bought AOL in 2015 for $4.4 billion and Yahoo in 2017 for $4.5 billion, regardless that the once-dominant Web manufacturers had fallen from prominence years earlier than. Verizon’s try and compete towards Google and Fb within the internet advertising market did not work out, resulting in a series of layoffs and a goodwill impairment charge of about $4.6 billion.
Verizon tried to place a optimistic spin on the sale in at this time’s press launch, saying that the Yahoo/AOL division generally known as Verizon Media is “one of many world’s premier international expertise and media corporations.” In addition to Yahoo and AOL, Verizon Media consists of “main advert tech and media platform companies,” Verizon mentioned.
Biz & IT – Ars Technica