Verizon Media changes ownership and is renamed Yahoo!
According to the WSJ, Apollo Funds paid $ 5 billion for the digital media company.
Private equity firm Apollo Global Managementdisclosed that the funds managed by its affiliates, Apollo Funds , completed the purchase of Yahoo (formerly known as Verizon Media Group, formerly known as Oath). As reported in May by The Wall Street Journal , the deal is worth $ 5 billion, with $ 4.25 billion in cash, plus preferred interest of $ 750 million.
In a statement, Apollo Funds reported that Yahoo will operate as an independent company under its charge, but that Verizon will retain a 10% stake in the recently renamed company.
"This is a new era for Yahoo," said Guru Gowrappan, CEO of Yahoo! in astatement . "The closing of the transaction heralds an exciting time of new opportunities for us as an independent entity. We anticipate that the coming months and years will bring new growth and innovation for Yahoo as a business and as a brand, and we look forward to creating that future with our new partners." .
According to various reports , Gowrappan Gowrappan may not remain as Yahoo's CEO in the long term now that the purchase has been finalized.
For nearly 30 years, Yahoo has been the leading global media and technology company, with nearly 900 million monthly active users worldwide, making it the third-largest property on the Internet. Comprised of iconic consumer news brands and products, as well as leading advertising businesses and media platforms, Apollo's investment will enable new growth for Yahoo, benefiting consumers, advertisers, publisher partners and employees.