Hans Vestberg — a longtime telecoms executive who first joined Verizon as CTO in 2017 — became the CEO in June 2018. Apollo sold Tech Data to Synnex two months ago. Apollo Global Management buys Verizon Media and renames it Yahoo. The buyer, Apollo Global Management, is currently embarking on an aggressive deal-making spree. NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) -- Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by affiliates of Apollo (the “Apollo Funds”) entered into an agreement to acquire Verizon Media for $5 billion. Found insideHer analysis is both astute and nuanced, making GIGGED essential reading for anyone interested in the future of work." —Daniel H. Pink, author of WHEN and DRIVE The full-time job is disappearing—is landing the right gig the new American ... “Apollo has a long track record of investing in technology and media companies and we look forward to drawing on that experience to help Yahoo continue to thrive.”. And there have been various layoffs to trim the wider media operation. (Although, again, there were reports around a possible sale for years before this.). By. Private equity firm Apollo Global Management has acquired Verizon’s media group for $5 billion, the two companies announced Monday. Verizon Media, which includes properties from the former internet empires of AOL and Yahoo, will be rebranded as “Yahoo,” the announcement said. New York (Reuters)-Apollo Global Management Inc, Verizon Communications Inc (NYSE :) told Reuters a source familiar with the matter in a deal that could be worth close to $ 5 billion. To learn more, please visit www.apollo.com.Forward-Looking StatementsThis communication and other written or oral statements made by or on behalf of Apollo contains forward-looking statements. Apollo and Verizon said they expect the sale to close in the second half of 2021. In other words, precisely what shape a company like Verizon Media would ultimately take as part of the Apollo portfolio is still something of a question mark. Verizon is exiting the media business, announcing Monday that it's selling the unit for $5 billion to private equity firm Apollo Global Management. 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. Apollo will be paying Verizon $4.25 billion in cash, along with preferred interests of $750 million, and Verizon will keep 10% of the company. Buying the perpetual trademark license from Verizon will allow SoftBank to continue operating Yahoo Japan in its current form even after Verizon Media moves to Apollo when the sale completes. “The next iteration requires full investment and the right resources. Rest easy, local Verizon TV subscribers. Apollo is a private equity firm that owns the Venetian resort in Las Vegas and crafts retailer Michaels. “Apollo has a powerful vision that includes aggressively pursuing growth areas in commerce, content and betting. This was most recently marked by Yahoo News becoming the fastest growing news organization on TikTok. Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media. Found insideWhile the media spins tales about superior products and designs, and the power of technological innovation, Galloway exposes the truth: none of these four are first movers technologically - they've either copied, stolen, or acquired their ... Media contact:Allison ButlerCorporate CommunicationsVerizon Media(202) 669- 9887[email protected], Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491[email protected], Kim Ancin+ 1 908-801-0500[email protected], Investor ContactPeter MintzbergHead of Investor RelationsApollo Global Management, Inc.(212) 822-0528[email protected], Apollo Investment Corporation (NASDAQ: AINV), Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI), Senior Floating Rate Fund Inc. (NYSE: AFT). Verizon said Monday that it will keep a 10% stake in the new company, which will be called Yahoo. I have full confidence that Yahoo will take off in its new home.”, Within six months of him taking the top role, Armstrong had left the company (to be succeeded by Guru Gowrappan); and then Verizon wrote the value of its media assets down to $4.6 billion, noting at the time that Oath “experienced increased competitive and market pressures throughout 2018 that have resulted in lower-than-expected revenues and earnings.”, After an unexpected reveal, AOL’s CEO explains that Oath is about B2B branding. Apollo On A Buying Spree. With Apollo’s sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full-stack digital advertising platform. Drew FitzGerald. 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. Now, with the abundance of original content in social media apps such as Facebook, YouTube, Twitter, and others, Yahoo! Verizon on Monday announced it will sell its media division — led by the digital sites Yahoo and AOL — to the private equity firm Apollo Private Equity Group for $5 billion. After the acquisition, the two companies were merged under the umbrella of a new brand, Oath, part of a bigger strategy that Verizon had to grow a media empire to help it take on online ad giants like Google and Facebook, with the operation run by Tim Armstrong, who had been AOL’s longtime CEO going into the Verizon acquisition. Apollo Global Management Inc is close to buying the media assets of Verizon Communications Inc in a deal that could be valued close to $5 billion, a source familiar with the matter told Reuters. Verizon, their current owner, agreed to sell them to Apollo Global Management in a deal worth $5 billion, the companies announced Monday. In particular, statements using words such as “may,” “seek,” “will,” “likely,” “assume,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “do not believe,” “aim,” “predict,” “plan,” “project,” “continue,” “potential,” “guidance,” “foresee”, “might”, “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” or their negatives or variations, and similar terminology and words of similar import, generally involve future or forward-looking statements. The transaction is subject to satisfaction of certain closing conditions and expected to close in the second half of 2021. Forward-looking statements reflect Apollo’s current views, plans or expectations with respect to future events and financial performance. Disclaimer: If you need to update/edit this news or article then please visit our help center. 36,930 crores). The private-equity firm is paying $4.25 billion in cash for a 90% share of the media assets. Buy Amateur Night At The Apollo: Season Opener tickets at the Apollo Theater in New York, NY for Feb 16, 2022 at Ticketmaster. Masters Of the Sun mixes L.A. Gang culture, B-Boy-ism and Egyptology to tell the heroic tale of a Hip-Hop group from East L.A. who must battle an ancient, alien God sent to earth to continue a Black Curse--which turns drug dealers and ... Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. The deal is subject to the standard regulator scrutiny. One of the most important investment books of the last fifty years!" —Michael Price "A landmark book-a stunningly simple and low-risk way to significantly beat the market!" —Michael Steinhardt, the dean of Wall Street hedge-fund ... NEW YORK (Reuters) – Apollo Global Management Inc is close to buying the media assets of Verizon Communications Inc in a deal that could be valued close to $5 billion, a source familiar with the matter told Reuters. “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. Found inside – Page 101“I had a big late fee for 'Apollo 13.' It was six weeks late and I ... Verizon CFO: Intel Media buy speeds up FiOS's next-gen IPTV plan. Multichannel News. New York (Reuters)-Apollo Global Management Inc, Verizon Communications Inc (NYSE :) told Reuters a source familiar with the matter in a deal that could be worth close to $ 5 billion. Accordingly, you should not place undue reliance on any forward-looking statement. For InvestorsPeter Mintzberg, Head of Investor RelationsApollo Global Management, Inc.(212) 822-0528 APOInvestorRelations@apollo.comFor MediaJoanna Rose, Global Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@apollo.com, Media Contact: Stephanie Meisse Lumen 419-610-3142 stephanie.n.meisse@lumen.com, Investor Relations Contact: Mark Stoutenberg Lumen 720-888-1662 Mark.stoutenberg@lumen.com, Apollo Investment Corporation (NASDAQ: AINV), Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI), Senior Floating Rate Fund Inc. (NYSE: AFT). “Verizon Media has done an incredible job turning the business around over the past two and a half years and the growth potential is enormous,” Vestberg said in a press release. Apollo Global Management Inc. agreed to pay about $5 billion to acquire Yahoo and AOL from Verizon Communications Inc. as the wireless company exits its ill-fated foray into the media business. Found insideA Stonewall Honor Book! Yahoo once was the face of the internet, and AOL was the portal into it. Found insideThis book proposes two Apollo programs — one for tech and one for millennials — by a millennial. Strategies for cracking the highly competitive Chinese Super App ecommerce market are also revealed.Related Link(s) Bloomberg reported https://bloom.bg/3e8aSsV early on Sunday, and the … By Greg Roumeliotis. The business housing the two brands, Verizon Media, is to be renamed (yet again) to Yahoo (sans the brand’s stylized exclamation point), and the sale will also include its advertising technology business. The new company, when the deal is complete, will be known simply as Yahoo, and it will continue to be led by current CEO Guru Gowrappan and from what we understand the plan involves pursuing opportunities across content, commerce and betting. Following several days of negotiation and rumors, Verizon today announced that it has entered an agreement to sell its media assets to private equity firm Apollo Global Management for $5 billion. Verizon has agreed a deal to sell its "Verizon Media" unit — including Engadget — to the investment firm Apollo Global Management for $5 billion. Verizon will retain a 10-percent stake in the company, which will be named Yahoo. Apollo Global Management Inc is close to buying the media assets of Verizon Communications Inc in a deal that could be valued close to $5 billion, a source familiar with the matter told Reuters. Apollo Global Management said Wednesday that it has completed its purchase of internet icon Yahoo — formerly Verizon Media — for about $5 billion, from Verizon Communications. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2022. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. (And some of those newer efforts are still a part of the process: Verizon notes that Yahoo News is currently the fastest-growing news organization on TikTok.). As part of the deal, Verizon will retain a 10% ownership interest in the new company. Found inside – Page 127During a recent labor dispute, Verizon union workers set up picket lines to show ... attempt to keep the public from purchasing a firm's goods or services. Yahoo, one of the best recognized digital media brands in the world and the fourth most visited internet property globally, continues to evolve as a key destination for finance and news among Gen Z. In just the last few months Apollo also recently purchased the Media Assets of Verizon for $5 billion, bought a share of the University of Phoenix for $1 billion, purchased one of the top industrial staffing firms EmployeeBridge, purchased the majority stake in bioenergy producer AS Graanul, and purchased Foundation Home Loans. “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. NY Comedy Festival Presents Smart Funny & Black Live. Now, with the abundance of original content in social media apps such as Facebook, YouTube, Twitter, and others, Yahoo! The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Following several days of negotiation and rumors, Verizon today announced that it has entered an agreement to sell its media assets to private equity firm Apollo Global Management for $5 billion. 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