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After just shy of five years of ownership, Verizon has sold its ownership stake in Yahoo and AOL for $5 billion, the telecoms giant announced on Monday morning.
The new company formed by AOL and Yahoo will be known solely as Yahoo, and the new owner is private equity firm Apollo Global Management.
Marquee media groups being purchased in the deal include Engadget, TechCrunch, and Yahoo Finance. Other notable products in the sale include Yahoo Mail and the Yahoo portal homepage.
“We are big believers in the growth prospects of Yahoo,” Apollo senior partner and co-head of private equity David Sambur said in the announcement release.
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Source:: Businessinsider – Finance
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