In this June 12, 2012 file photo, the Verizon logo is seen at Verizon store in Mountain View, Calif. Verizon is selling the segment of its business that includes Yahoo and AOL to private equity firm Apollo Global Management in a $5 billion deal. Verizon said Monday, May 3, 2021, that it will keep a 10% stake in the new company, which will be called Yahoo. (AP Photo/Paul Sakuma, File)

Internet trailblazers Yahoo and AOL sold, again, for $5B

AOL and Yahoo are being sold again, this time to a private equity firm.

Verizon will sell Verizon Media, which consists of the pioneering tech platforms, to Apollo Global Management in a $5 billion deal.

Verizon said Monday that it will keep a 10% stake in the new company, which will be called Yahoo.

Yahoo at the end of the last century was the face of the internet, preceding the behemoth tech platforms to follow, such as Google. And AOL was the portal, bringing almost everyone who logged on during the internet’s earliest days online.

Verizon had hoped to ride the acquisition of AOL to a quick entry into the mobile market, spending more than $4 billion on the company in 2015. The plan was to use the advertising platform pioneered by AOL to sell digital advertising. Two years later, it spent even more to acquire yahoo and combined the two.

However the speed at which Google and Facebook have grown dashed those hopes and it became clear very quickly that it was unlikely to reach Verizon’s highest aspirations for the two.

The year after buying Yahoo, Verizon wrote down the value of the combined operation, called “Oath,” by more than the $4.5 billion it had spent on Yahoo.

As part of the deal announced Monday, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and the minority stake. The transaction includes the assets of Verizon Media, including its brands and businesses such as Yahoo and AOL.

The deal is expected to close in the second half of the year.

Michelle Chapman, The Associated Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Paul Harris, owner of Tribe restaurant downtown, said a lot of the blame for the latest restrictions that will close outdoor patios on Sunday can be blamed on those not obeying health regulations and the government for failing to enforce the rules.
Photo by Paul Cowley/Advocate staff
Restaurant owners frustrated by patio shutdowns

Outdoor patios must stop serving by midnight Sunday to stem rising COVID infections

The City of Red Deer said Wednesday that some outdoor activity rentals will be available starting Monday for households only. (Advocate File Photo)
City of Red Deer outlines activities available as new provincial COVID-19 restrictions set in

There will be limited recreation activities available across the City of Red… Continue reading

As of Friday, Alberta has under 10,000 active COVID-19 cases. (Image courtesy CDC)
Alberta reports 2,271 new COVID-19 cases, Red Deer cases rise slightly

Across Alberta, there are 666 people in hospital with COVID-19, including 146 in the ICU

‘Love, Oran’ is a documentary feature made by Red Deer-raised filmmaker Colin Scheyen. It’s about hidden letters, found in a Woodlea home after 70 years, revealing a family secret. (Screenshot by Advocate staff).
Hidden letters reveal secrets of Red Deer family in a new documentary film

‘Love, Oran,’ by filmmaker Colin Scheyen is showing at Edmonton’s NorthwestFest

Red Deer Rebels’ three graduating players, Josh Tarzwell (left), Chris Douglas (middle) and Ethan Anders (right) will all move on to new opportunities next season. (Photo by ROB WALLATOR/Red Deer Rebels)
‘It was a rollercoaster’: Rebels’ graduating players look back on wild season

The nerves. Even three-and-a-half-years later, Josh Tarzwell still remembers the nervousness he… Continue reading

Jets beat Flames 4-0 to snap seven-game losing streak and clinch playoff spot

Jets beat Flames 4-0 to snap seven-game losing streak and clinch playoff spot

Team Canada skip Kerri Einarson, left, directs her teammates, lead Briane Meilleur, right, and second Shannon Birchard, against Estonia at the Women's World Curling Championship in Calgary, Alta., Wednesday, May 5, 2021.THE CANADIAN PRESS/Jeff McIntosh
Canada’s Einarson extends win streak to four games at world curling playdowns

Canada’s Einarson extends win streak to four games at world curling playdowns

CF Montreal head coach Wilfried Nancy, left, talks with midfielder Lassi Lappalainen during the second half of an MLS soccer match against Columbus Crew, Saturday, May 1, 2021, in Fort Lauderdale, Fla. The game ended in a 0-0 tie. (AP Photo/Lynne Sladky)
Canadian MLS teams try to make best of relocation

Canadian MLS teams try to make best of relocation

Damian Warner, of Canada bronze, smiles during the medal ceremony for the decathlon at the World Athletics Championships in Doha, Qatar, Friday, Oct. 4, 2019.  THE CANADIAN PRESS/AP-Nariman El-Mofty
Decathlete Damian Warner says being a dad has brought balance and new perspective

Decathlete Damian Warner says being a dad has brought balance and new perspective

Toronto Blue Jays' Vladimir Guerrero Jr. gestures rounding third base after hitting his third home run against the Washington Nationals during the seventh inning of a baseball game Thursday, April 27, 2021, in Dunedin, Fla. (AP Photo/Mike Carlson)
Blue Jays shuffling back to Buffalo starting June 1

Blue Jays shuffling back to Buffalo starting June 1

Bedard, Wright lead Canadians into gold-medal game at U18 championship

Bedard, Wright lead Canadians into gold-medal game at U18 championship

Canada players are seen prior to the match against Costa Rica as part of the 2021 CONCACAF Futsal Championship in Guatemala City, Guatemala in this Wednesday, May 5, 2021 handout photo. THE CANADIAN PRESS/HO, CONCACAF, Straffon Images, Norvin Mendoza *MANDATORY CREDIT*
Canada loses to Costa Rica but advances at CONCACAF Futsal Championship

Canada loses to Costa Rica but advances at CONCACAF Futsal Championship

Yukon Premier Sandy Silver addresses the audience at the Yukon Government swearing in ceremony, in the Yukon Government Legislature foyer, in Whitehorse, Monday, May 3, 2021. The Yukon government says travelers who can prove they've been fully vaccinated against COVID-19 will no longer be required to self-isolate when they enter the territory beginning May 25. THE CANADIAN PRESS/Mark Kelly
Yukon to lift requirement of 14-day self-isolation for arriving travellers on May 25

Yukon to lift requirement of 14-day self-isolation for arriving travellers on May 25

Most Read