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Verizon to offload Yahoo, AOL for $5 billion
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By Eva Mathews (Reuters) -Verizon Communications Inc is getting rid of its media businesses that include iconic brands Yahoo and AOL for $5 billion, ending an expensive and unsuccessful run in the media and advertising world. Despite spending more than a decade and billions of dollars building a stable of internet brands, the New York-based telecom company has struggled to make headway in a highly competitive internet advertising space dominated by Facebook Inc and Google. Having written $4.6 billion off the value of the businesses in 2018, Verizon will get just $4.25 billion in cash from private equity firm Apollo Global, along with preferred interests of $750 million and a 10% stake in the unit - about half of what it had paid for the businesses. The move concludes a steady drip of ...Read More on Datafloq
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