Verizon Media has been acquired by global private equity firm Apollo in a deal worth $US5 billion ($6.44 billion).
The acquisition will see the Yahoo name restored, just four years after Verizon purchased the company for $US4.5 billion (Verizon also purchased AOL for $US4.4 billion to form Verizon Media).
Verizon will keep a 10 per cent stake in the new Yahoo, while global CEO Guru Gowrappan will stay on to lead the new company when the deal is finalised later this year.
“To continue our success, we are taking the best of Verizon and carrying learnings, innovations and technology into a new company, which will be known as Yahoo, that will drive growth for our customers,” Gowrappan said.
Verizon Media has been slowly selling off a number of its assets in recent years, including offloading Tumblr in 2019 and Huffpost last year.
Current media assets include sites such as TechCrunch, Makers, Ryot and Flurry.
And while Verizon Media might have cut down on its total assets, it has continued to make steady investments into improving in-house ad tech capabilities, offering solutions across DSP, SSP, Search, and Exchange solutions.
It has also been touting its first-party data capabilities for marketers in light of upcoming changes to third-party cookies.
