Verizon sells AOL and Yahoo to Apollo Global Management for $ 5 billion

    • Shy for five years since purchasing them, Verizon has been selling AOL and Yahoo for $ 5 billion.
    • The new owner is private equity firm Apollo Global Management.
    • Going forward, both companies will be known as Yahoo.
    • For more stories visit the Business section of Insider.

    After five years of ownership shyness, Verizon has sold its ownership stakes in Yahoo and AOL for $ 5 billion, the telecom giant announced on Monday morning.

    The new company formed by AOL and Yahoo will only be known as Yahoo, and the new owner is private equity firm Apollo Global Management.

    Marquee media groups being bought into the deal include Engadget, TechCrunch and Yahoo Finance. Other notable products in sales include Yahoo Mail and the Yahoo Portal homepage.

    We are confident in Yahoo’s growth prospects, said Apollo senior partner and co-head of private equity David Sambur.

    To develop …

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