The private equity company Apollo Global Management has announced that they took over Verizon media Group which the deal worth $5 billion, with $4.25 in cash.
“This is a new era for Yahoo,” Yahoo CEO (and former VZM head) Guru Gowrappan said in a statement.
“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,” adds Gowrappan.
The deal puts to a close a years-long effort by Verizon to make a comprehensive move into online media, specifically around adtech, which ultimately proved to be too costly, mostly unprofitable.
Some of the titles the group own includes Yahoo properties (mail, sports and finance), AOL, TechCrunch, Engadget and RYO. Apollo has promised to continue investing in the newly acquired proprieties, and it has secured all jobs at the time of handover for at least an initial period.
“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,” Apollo Partner Reed Rayman said in the press release.
“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”, adds Rayman.
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