Apollo Funds to Acquire Verizon Media
Funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) entered into an agreement to acquire Verizon Media for $5 billion. Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750m and retain a 10% stake in Verizon Media. Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as ad tech and media platform businesses. The corporate carveout will allow Verizon Media to pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide. LionTree served as lead financial advisor to and will invest alongside the Apollo Funds.