Tuesday, November 29, 2022

Verizon Aims To Offload Yahoo, AOL For $5 Billion

By ET Bureau - May 04, 2021 1 mins read

Verizon Communications has recently announced the offloading of its media businesses which include top brands including Yahoo and AOL. The deal is for $5 billion. It’s noteworthy that the company has been lately experiencing an unsuccessful and pricy run in the technology media world.

In spite of spending more than a decade along with billions of dollars to acquire stability around internet brands, the telecom company has struggled to make a way in this highly competitive, growing internet space. The market is primarily dominated by Google and Facebook that have been focused on developing its 5G resources.

Having $4.6 billion of the value of the business’s value in 2018, Verizon will get only $4.25 billion in cash from the private equity firm Apollo Global. This will be done with the preferred interests of $750 million as well as a 10% stake for the unit.

Source: Reuters


ET Bureau

The Enterprise talk Bureau has five well-trained writers and journalists, well versed in B2B enterprise technology industry, and constantly in touch with industry leaders for the latest trends, opinions, and other inputs- to bring you the best and latest in the domain.

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