Yahoo and AOL are on the move again.
The old tech icons were sold by Verizon to Apollo Funds in a $ 5 billion deal for Verizon Media, the telecommunications giant said on Monday.
Verizon will retain a 10% stake in the company, which will be known as Yahoo when the deal goes through.
The company says the deal will allow Verizon Media, which includes various Yahoo properties as well as tech sites TechCrunch and Engadget, to aggressively pursue areas of growth.
“Verizon Media has done an incredible job of turning the business around over the past two and a half years and the growth potential is enormous,” Verizon CEO Hans Vestberg said in a statement.
The deal is expected to close in the second half of 2021.
In 2017, Verizon acquired Yahoo for $ 4.48 billion, a price reduced after Yahoo exposed two massive data breaches in 2013 and 2014. Verizon snatched up AOL in 2015 for $ 4.4 billion.
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