The new company will be called “Yahoo”.
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Five years ago Verizon , the company owned by Richard Branson , announced the purchase of Yahoo! , but this Monday the company announced that it will sell its stake in Yahoo and AOL for $ 5 billion.
According to El Financiero , the new conglomerate formed by AOL and Yahoo will be owned by private equity firm Apollo Global Management and will be known simply as Yahoo. Verizon will maintain a 10 percent stake in the business, according to the Mexican financial site.
This sale includes media such as Engadget , TechCrunch, and Yahoo Finance , as well as platforms such as AOL’s Internet, Yahoo Mail, and Yahoo’s home.
Business Insider recalls that Verizon bought AOL in May 2015 for $ 4.4 billion, and Yahoo in July 2016 for $ 4.83 billion. With this in mind, the sale of Verizon for “just” $ 5 billion represents a 50 percent loss.
In 2019, Verizon Media Group sold the Tumblr social network, and in 2020 it ceded The Huffington Post to BuzzFeed .