The Wall Street Journal reports Verizon Communications Inc. is exploring a sale of assets including Yahoo and AOL, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media.
The sales process, which includes private-equity firm Apollo Global Management Inc., could lead to a deal worth $4 billion to $5 billion, according to people familiar with the matter—assuming there is one. Other details couldn’t be learned.
Verizon splashed out billions of dollars assembling a portfolio of once-dominant websites, including AOL in 2015, and Yahoo in 2017, paying more than $9 billion in total to acquire the pair.
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“ exploring a sale of assets including Yahoo and AOL.”
I wouldn’t call AOL or even Yahoo an “asset.” 🙄
That old squealing modem sound from the AOL days has been etched in my mind forever.