Apollo to acquire Verizon’s media assets for $5 bln

Apollo Global Management (APO.N) said it has agreed to buy Verizon Communications’ (VZ.N) media unit that includes Yahoo and AOL for $5 billion, the U.S wireless carrier said on Monday.

Under deal terms, Verizon will get $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media.

The business will be called Yahoo when the deal closes, which is expected in the second half of 2021, the company said.

Source: Reuters

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