Verizon Mulls Sale Of AOL, Yahoo

SourceForbes
SectorEconomy
CountryMiddle east

Less than a decade after it entered the media business through its acquisitions of AOL and Yahoo, Verizon VZ Communications reportedly may be preparing to exit the sector, According to The Wall Street Journal, Verizon is “exploring” whether to unload its media properties, which could fetch a price of $4 billion to $5 billion. According to the newspaper, private equity giant Apollo Global Management APO is part of the “sales process”. A spokesperson for Verizon didn’t respond to a request for comment for this story.

AOL’s CEO Tim Armstrong gave up a golden parachute bonus to remain with the company when Verizon acquired AOL for $4. 5 billion in 2015. He told The Wall Street Journal that joining forces with the biggest wireless carrier would “create what I think is the largest mobile and video business in the United States.” Two years later, in a press release touting the company’s $4. 48 billion purchase of Yahoo, Verizon CEO Lowell McAdam...read more...