Verizon Communications announced that it has approved to trade its media department, which comprises Yahoo & AOL, to Apollo Global Management Inc for $5 billion (roughly Rs. 36,930 crores), as it peeks to empty its digital media industry.
Verizon has aspired to expand its media industry, declaring them nearly worthless with a $4.6 billion (about Rs. 33,970 crores) write-down in 2018. Larger players as Facebook and Google possess cleared the digital advertisement market.
Verizon will receive $4.25 billion (approximately Rs. 31,390 crores) in cash, selective attention of $750 million (approximately Rs. 5,540 crores), and preserve a 10% risk in Verizon Media, as a portion of the deal duration.
The company will be named Yahoo when the deal shuts, which is anticipated in the additional half of 2021, the business stated.
Verizon Media's portfolio includes online categories such as TechCrunch, Makers, Ryot, & Flurry, as per its website.
In 2017, Verizon acquired Yahoo's Internet properties for approximately $4.48 billion (about Rs. 33,090 crores), betting its 1 billion-plus users would be a productive audience for online advertisement. It obtained the email assistance AOL for $4.4 billion (approximately Rs. 32,500 crores) in 2015.