Apollo Global Management, the private equity firm that owns a majority stake in Cox Media Group, is purchasing the media division of Verizon Communications, in a deal that could be worth $5 billion and includes AOL and Yahoo.
Verizon Media will be renamed Yahoo, CNN Business reports, with Verizon retaining a 10% stake in the company.
“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,” Verizon Media CEO Guru Gowrappan said in the release.
The sale will mark the exit of the telecom company’s venture into online advertising. Last year, Verizon sold off HuffPost and Buzzfeed, which was preceded by the unloading of the blogging platform Tumblr.
The company’s online advertising division, Oath, was created with the 2015 purchase of AOL for $4.4 billion. Two years later, Verizon purchased Yahoo!’s internet properties for $4.5 billion.
Upon taking over in 2018, CEO Hans Vestberg wrote off more than $4 billion of its media holdings and renamed the division Verizon Media, Bloomberg reports.
The division has more than a dozen online brands, including TechCrunch, Ryot, Built By Gorls and Flurry.