Funds managed by affiliates of Apollo Global Management have entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10 percent stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.
“We are excited to be joining forces with Apollo,” said Gowrappan. “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.”
The transaction includes the assets of Verizon Media, including its brands and businesses. The transaction is subject to satisfaction of certain closing conditions and expected to close in the s
