Yahoo and AOL To Have New Owner After Being Sold

Share post:

Verizon is reportedly set to sell AOL and Yahoo to private equity firm Apollo in a deal worth $5 million.

While the deal is expected to close later this year, Verizon Media CEO Guru Gowrappan will continue to call the shots, and Verizon will hold a small stake in the company as part of the deal.

Verizon had initially acquired Yahoo and AOL in separate transactions in 2015 and 2017. While Verizon bought Yahoo and AOL in hopes of participating in some of the big advertising cash tech companies such as Facebook and Google, the bet did not pay off, as Verizon instead wrote off significant losses.

Colin Gillis, head of research at Chatham Road Partners, said: “There was no synergy from the get-go. All the telecoms wanted to avoid becoming commoditized pipes.”

For more information, read the original story in NPR.

SUBSCRIBE NOW

Related articles

Intel CEO Pat Gelsinger Retires Amid Record Losses and Ongoing Restructuring

Intel CEO Pat Gelsinger has announced his retirement effective December 1, marking the end of a challenging tenure...

Qualcomm Explores Potential Acquisition of Intel

In a shocking turn of events in the semiconductor industry, Qualcomm has, as reported in the New York...

Intel’s contract manufacturing hits setback with quality issues

Intel’s contract manufacturing business has encountered a major setback after silicon wafers produced for Broadcom failed to meet...

Dell has another major round of layoffs

Dell has initiated another round of layoffs, affecting a significant number of employees, including long-term company veterans. HR...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways