https://techcrunch.com/2021/09/01/apollo-completes-its-5b-acquisition-of-verizon-media-now-known-as-yahoo/
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Don’t get too excited. Private Equity will fire a lot of those Yahoo employees and the overpaid no value add CEO. Just give it a few months, it’s not gonna take a year.
Private equity firm Apollo Global Management this morning announced that it has completed its acquisition of Yahoo (formerly known as Verizon Media Group, itself formerly known as Oath) from Verizon. The deal is worth $5 billion, with $4.25 billion in cash, plus preferred interests of $750 million. Verizon will be retaining 10% of the newly rebranded company.
“This is a new era for Yahoo,” Yahoo CEO (and former VZM head) Guru Gowrappan said in a release tied to the news. “The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity. We anticipate that the coming months and years will bring fresh growth and innovation for Yahoo as a business and a brand, and we look forward to creating that future with our new partners.”
There have been reports that Gowrappan might not stay on as CEO of Yahoo for the long term now that the deal has closed; for now he’s still at the helm.
In addition to its titular Yahoo properties (Mail, Sports, Finance, et al.), the group includes us, TechCrunch; AOL; Engadget; and interactive media brand, RYOT. All told, the umbrella brand encompasses around 900 million monthly active users globally and is currently the third-largest internet property, per Apollo’s figures.