In a $5 billion transaction, Verizon will sell Verizon Media, which includes the groundbreaking tech networks, to Apollo Global Management.
On Monday, Verizon announced that it would retain a 10% stake in the new company, which will be known as Yahoo.
Yahoo was the face of the internet at the turn of the century, paving the way for the behemoth tech platforms that followed, such as Google and Facebook.
And AOL was the gateway, taking nearly all who signed on during the early days of the internet.
Verizon had planned to use the purchase of AOL to gain a fast foothold in the mobile industry, having spent more than $4 billion on the venture in 2015. The idea was to sell digital ads using AOL’s pioneering advertising platform. It invested even more money two years later to buy Yahoo and merge the two companies.
