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Verizon is selling Yahoo and AOL for $5 billion


Verizon is selling its media businesses to Apollo Global Management.

Verizon will sell its media companies — including TechCrunch, Engadget, Yahoo and other AOL legacies — to Apollo Global Management for $5 billion, retaining a 10% stake in the brands.

The company is selling its media conglomerate for nearly half of what it paid in 2015 and 2016 to acquire the brands. Verizon has also shut down or sold off its other media properties, such as Tumblr, Huffpost and Yahoo Answers, over the last few years.

The new media company will be known as Yahoo, and CEO Guru Gowrappan will remain at the helm under Apollo, according to the company statement.

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