Verizon sells AOL, Yahoo, & media brands to private equity firm for $5 billion

Verizon has given up on its attempt to transform ’90s internet giants Yahoo and AOL into a content and advertising behemoth, as it has agreed to sell the brands to private equity firm Apollo Global Management for $5 billion.

Verizon has agreed to sell AOL and Yahoo for $5 billionVerizon has agreed to sell AOL and Yahoo for $5 billion

Six years after it bought AOL and five after it took over Yahoo, Verizon Communications has sold off both, according to The New York Times. The wireless carrier, which spent more than $9 billion on the brands, is now selling them for just over half of that.

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