The brand new firm will probably be known as “Yahoo”.
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5 years in the past Verizon , the corporate owned by Richard Branson , introduced the acquisition of Yahoo! , however this Monday the corporate introduced that it’s going to promote its stake in Yahoo and AOL for $ 5 billion.
In line with El Financiero , the brand new conglomerate shaped by AOL and Yahoo will probably be owned by personal fairness agency Apollo World Administration and will probably be recognized merely as Yahoo. Verizon will preserve a ten p.c stake within the enterprise, in accordance with the Mexican monetary website.
This sale consists of media resembling Engadget , TechCrunch, and Yahoo Finance , in addition to platforms resembling AOL’s Web, Yahoo Mail, and Yahoo’s house.
Enterprise Insider remembers that Verizon purchased AOL in Could 2015 for $ 4.4 billion, and Yahoo in July 2016 for $ 4.83 billion. With this in thoughts, the sale of Verizon for “simply” $ 5 billion represents a 50 p.c loss.
In 2019, Verizon Media Group offered the Tumblr social community, and in 2020 it ceded The Huffington Submit to BuzzFeed .