Yahoo and AOL have another new owner after a private equity firm paid Verizon Media $5 billion for the assets.
Apollo Global Management is paying the telecoms group $4.25 billion in cash with Verizon retaining a 10 per cent take.
Apollo said Verizon Media would be able “aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide”.
The private equity firm is particularly keen to grow the online advertising market, something Verizon has been unable to do on its own, as it now looks to exploit 5G telecoms.
Verizon purchased AOL, which had acquired news sites including HuffPost and TechCrunch, for $4.4 billion in 2015. The media titles were later incorporated into a new division known as Oath.
Yahoo, the once-favoured search engine, was added in 2017 for a further $4.48 billion.