Verizon Communications Inc (NYSE:VZ) is spinning off Yahoo and AOL via a US$5bn deal with private equity firm Apollo Global Management.
The telecoms group is to retain a 10% stake in the online media business which will be named simply as Yahoo going forward.
It comes after Verizon’s grand designs for the search-engine-come-news-feed failed to fully materialise, resulting in over US$4.5bn of writedowns in 2018.
Yahoo will be well-positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full-stack digital advertising platform,” said Guru Gowrappan, Verizon Media chief executive.
After offloading Yahoo and AOL, the telecoms firm intends to “aggressively pursue growth areas”.
Verizon stock rose slightly following the news on Monday, closing at US$57.92 per share.
Story by ProactiveInvestors
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