Verizon sells AOL and Yahoo for about half of what it paid
Verizon has sold its AOL and Yahoo properties to Apollo Global Management in a deal said to be worth $5 billion, about half of the nearly $9 billion Verizon originally paid for the pair. Verizon will maintain a 10 percent stake in the company, now known as Yahoo, and led by CEO Guru Gowrappan. The media groups, which included properties like Yahoo Sports, TechCrunch and Engadget, were consolidated under the absurdly named Oath, later renamed Verizon Media Group in 2018 after Verizon admitted defeat and wrote off about half of its value. In 2019 Verizon sold Tumblr for an undisclosed sum that was thought to have been less than $3 million, pennies compared to the $1.1 billion Yahoo paid for the blogging platform in 2013. At their peaks, AOL had a market capitalization of more than $200 billion and Yahoo more than $125 billion.