Apollo Global Management today announced that Apollo Funds have completed the acquisition of Yahoo from Verizon Media, after that for $5 billion deal was announced back in May. With the close of the transaction, Yahoo will now operate as a standalone company under Apollo Funds. Verizon has retained a 10% stake in Yahoo.
Back in 2015 Verizon acquired AOL for $4.4 billion in a bid to tap the growing mobile video and advertising market. Later in 2016 it acquired Yahoo’s internet business for $4.83 billion. In 2018, it rebranded Yahoo and AOL as Oath.
By the end of 2018, it killed the name Oath in favour of “Verizon Media” before laying off over 40,000 employees and writing off over half of the division’s value.
Commenting on this, Reed Rayman, Partner at Apollo, said:
We look forward to partnering with Yahoo’s talented employee base to build on the company’s strong momentum and position the new Yahoo for long-term success as a standalone consumer internet and digital media leader,” said“We couldn’t be more excited about this next chapter for Yahoo as we look to invest in growth across the business, including accelerating its customer-first offerings and commerce capabilities, expanding its reach and enhancing the daily user experience.
Guru Gowrappan, CEO, Yahoo, said:
This is a new era for Yahoo. The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity. We anticipate that the coming months and years will bring fresh growth and innovation for Yahoo as a business and a brand, and we look forward to creating that future with our new partners.