(Reuters) – Apollo Global Management said it has agreed to buy Verizon Communications’ media unit that includes Yahoo and AOL for $5 billion, the U.S wireless carrier said on Monday.
Under deal terms, Verizon will get $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media.
The business will be called Yahoo when the deal closes, which is expected in the second half of 2021, the company said.
(Reporting by Eva Mathews in Bengaluru; Editing by Bernard Orr and Shounak Dasgupta)
