mergers & acquisitions
‘Final Fantasy’ maker Square Enix denies sale reports
Vox Media to buy Cafe Studios, owner of Preet Bharara’s podcast
Microsoft reportedly in talks to buy AI firm Nuance for about $16B
News Corp. ups private bond offering to $1B amid buying spree
Private equity firm Apollo Global Management has acquired Verizon’s media group for $5 billion, the two companies announced Monday.
Verizon Media, which includes properties from the former internet empires of AOL and Yahoo, will be rebranded as “Yahoo,” the announcement said. Verizon said it will keep a 10 percent stake in the company.
The sale includes online news outlets TechCrunch, Yahoo Finance and Engadget and others. Apollo and Verizon said they expect the sale to close in the second half of 2021.
Verizon is cutting its losses on its media businesses, with the deal valuing the businesses at significantly lower prices than Verizon paid just a few years ago. Verizon bought AOL for $4.4 billion in 2015, and it bought Yahoo for $4.5 billion in 2017.
Source: Read Full Article