Yahoo sold again in new bid to revive its fortunes
May 4, 2021 4:09 am
Two pioneering web services of the internet age, Yahoo and AOL, have been sold again after the latest owner failed to revive their fortunes.
US telecoms giant Verizon is selling its media assets, which include the two companies, to a US private equity firm in a deal worth $5bn (£3.6bn).
Verizon bought Yahoo in 2017 and AOL in 2015 for a combined $9bn.
Yahoo and AOL were once trailblazers, but were subsequently overshadowed by firms like Google and Facebook.
Under the sale of the media assets to Apollo Global Management, Verizon will retain a 10% stake in the division.
Verizon bought the two brands in the hope of a quick entry into the digital advertising market, believing they still had enough resonance with consumers.