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>Verizon will get $4.25 billion in cash from the sale along with its 10% stake in the company. Verizon and Apollo said they expect the transaction to close in t
by MangoCoffee 5y ago
>Verizon will get $4.25 billion in cash from the sale along with its 10% stake in the company. Verizon and Apollo said they expect the transaction to close in the second half of 2021.
Version paid $4.4 billion for AOL and $4.5 billion for Yahoo and now sell it for $4.25 billion w/10% stake. Am I missing something? why company (Version) just waste money like this?
https://www.cnbc.com/2021/05/03/verizon-sells-yahoo-and-aol-businesses-to-apollo-for-5-billion.html https://www.cnbc.com/2021/05/03/verizon-sells-yahoo-and-aol-...
- acjohnson55 5y agoI worked for HuffPost (which was owned by Aol) at the time of the Verizon acquisition, and the story was that Verizon wanted to get deeper into the media and advertising game. It seemed dubious to many of us at the time. But I guess they probably felt they had to counter AT&T and Comcast.
- ahepp 5y ago>The strategy reflected a mindset that was once widely shared among the world’s biggest telecoms companies, which sought to benefit from an explosion in digital media consumption by becoming owners of content rather than mere network operators, or “dumb pipes”. "Apollo buys Verizon media assets including Yahoo for $5bn" https://on.ft.com/3uk5DMk https://on.ft.com/3uk5DMk Paywalled, but link should be good for 3 visitors. I can post another if anyone is desperate to read.