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Verizon Media to be sold to Apollo Funds

Media | 05/03/2021 3:12 pm EDT

Investment management firm Apollo Global Management Inc. has entered into an agreement to acquire Verizon Media for $5 billion.  Under the terms of the agreement announced Monday, Verizon Communications Inc. will receive $4.25 billion in cash, preferred interests of $750 million and retain a 10 per cent stake in Verizon Media. Current CEO Guru Gowrappan will continue to lead Verizon Media, which will be known as Yahoo, the company said in a release.  “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo’s sector...