Yahoo and AOL, formerly known as Verizon Media, were officially acquired by other new owners and renamed simply “Yahoo”. Verizon had already announced that it was selling its properties to Apollo Global Management in May 2021 in an estimated $5 billion deal, about half of the nearly $9 billion the telecommunications giant originally paid for them, and a fraction of the hundreds of billions the two companies raked in at their peaks.
Verizon originally purchased AOL in the year 2015 for $4.4 billion and later acquired Yahoo in 2017 for $4.5 billion. Upon completion of the Yahoo acquisition, Verizon placed both brands under the woefully bland “Oath” brand. “#TakeTheOath” proclaimed AOL CEO Tim Armstrong. The media divisions, which include properties such as Yahoo Sports, TechCrunch and Engadget, were officially renamed “Verizon Media” in the year 2019.
Yahoo is currently being led by CEO Guru Gowrappan and will begin operating as a standalone company under Apollo Funds. Apollo is a privately held company that owns several assets such as Michaels Crafts, Chuck E. Cheese restaurants and the Venetian resort in Las Vegas.
“The closing of the deal represents an exciting time of renewed opportunity for us as an independent entity,” said Gowrappan. “We anticipate that the coming months and years will bring new growth and innovation for Yahoo as a company and brand, and we look forward to creating that future with our new partners.”
The acquisition marks Verizon’s short-lived connection to media production and advertising. In 2019, the company sold Tumblr (which previously belonged to Yahoo), before selling The Huffington Post (formerly part of AOL) last year. Despite the sales, Apollo says Yahoo still has about 900 million monthly active users.