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      Apollo Global Management acquires Yahoo for $5 Billion

      Yahoo's acquisition amounts to $5 billion, $4.25 billion in cash and $750 million in preferred shares. 10% of Verizon's newly renamed firm will be retained.

      by Editorial Team
      September 2, 2021
      in Business, Featured, News-Curated
      Reading Time: 4 mins read
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      Yahoo
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      Main Highlights

      • Apollo Global Management, a private equity company, announced that it3 had completed its purchase of Verizon’s Yahoo.
      • Verizon Media will actively explore growth opportunities through company carveout which will benefit workers, advertising, publishing partners, and over 900 million active monthly users worldwide.
      • The purchase concludes Verizon’s long-term endeavor to shift online media, particularly in relation to adtech.
      • Verizon Media has reported an excellent year-over-year increase in sales, driven by creative publicity, consumer e-commerce, subscriptions, and strategic partnerships.

      Apollo Global Management, a private equity company, announced that they had completed its purchase of Verizon’s Yahoo (previously known as the Verizon Media Group, formerly Oath). The agreement amounts to $5 billion, $4.25 billion in cash, and $750 million in preferred shares. 10% of Verizon’s newly renamed firm will be retained.

      Verizon Media is a world leader in technology and media, comprising iconic brands like Yahoo and AOL and leading ad technology and media platform firms. Verizon Media will actively explore growth opportunities through company carveout which will benefit workers, advertising, publishing partners, and over 900 million active monthly users worldwide.

      A new era for Yahoo

      “It’s a new era for Yahoo,” stated Guru Gowrappan, CEO of Yahoo (and former VZM chief). “The conclusion of the deal marks a new and exciting period for us as an independent business. We are expected to offer fresh growth and innovation as a company and brand for Yahoo in the coming months and years, and with our new partners we look forward to that future.”

      Gowrappan may not remain as Yahoo’s CEO for lengthy periods after the transaction has concluded; it is still at the helm for the moment. There are reports. The purchase concludes Verizon’s long-term endeavor to shift online media, particularly in relation to adtech, which was eventually too costly, largely unprofitable, and ultimately not central to the broader growth plan of telecom.

      The revelation comes during a turbulent season for internet media, and many inside Verizon Media are growing industry-wide consolidation. In 2015, Verizon bought AOL for $4.4 billion, and two years later Yahoo was bought for $4.5 billion, bringing the two legacy media assets together into a conglomerate called Oath. At year-end 2018, after the transaction, Oath dropped $4.6 billion.

      The way for a new owner to manage this big ship differently is not apparent, but Apollo can either sell portions of the business or streamline it in another manner, as the typical procedure for PE companies. One option can be. Apollo has, however, committed to continuing investing in the newly purchased properties and has secured all employment for at least an initial term at the time of the delivery. The larger Apollo company has a vast number of TMT assets therefore it is fascinating to watch how and whether this is used.

      They are looking forward to collaborating with the brilliant Yahoo staff base in order to build on solid business momentum and position the new Yahoo as an independent Internet consumer and digital media leader for long-term success, Reed Rayman, Apollo Partner, stated during the announcement. “We could not be more enthusiastic about Yahoo when we are seeking to engage in company growth, including speeding their first-ever customer products, trade capacity and growing their reach and increasing the everyday experiences of users.”

      Verizon Media has reported an excellent year-over-year increase in sales, driven by creative publicity, consumer e-commerce, subscriptions, and strategic partnerships over the previous two quarters. The fourth highest visited Internet domain in the world is one of the most recognized digital media brands in the world, and continues to be a major financial and news destination for Gen Z. This was highlighted by Yahoo News, which became TikTok’s fastest-growing news organization.

      Verizon Media’s assets

      The transaction provides Verizon with a retained 10 percent share in Verizon Media for $4.25 billion in cash, the preferred interest of $750 million. Verizon Media’s assets including its brands and companies are part of the transaction. The deal will be concluded by the second half of 2021 subject to certain closing requirements.

      In the acquisition, Goldman Sachs acted as Verizon’s main financial adviser. Evercore was also Verizon’s financial consultant. Bruckhaus Deringer LLP is a lawyer to Verizon for Kirkland & Ellis LLP and Freshfields.

      LionTree has been and will invest alongside the Apollo Funds to support their worldwide strategic partnerships with Yahoo as the business accelerates expansion and invests strategically in key verticals and product areas.

      In addition to Barclays, BMO Capital Markets, Deutsche Bank, and Mizuho Securities USA LLC, RBC Capital markets have also acted as the financial consultant to the Apollo fund in conjunction with the transaction. As Lead Structuring Consultant to the Apollo Funds, Mizuho Securities USA LLC also served. The Apollo funds are legally advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP.

      mm

      Editorial Team

      We at Appedus are a group of digital nomads aggregating, writing, and publishing the best of the tech news in the mobile app ecosystem. Our constant endeavor is to get the most actionable news for you to use.

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      Mobile App Development | Design | Marketing Magazine: Appedus

      Appedus is a mobile app ecosystem focused news publishing platform which covers various topics like app design, app development, app marketing and other relevant news, views or opinions. We also publish industry insights, e-books, developer interviews and e-magazines. You can get in touch with us on hola@appedus.com or you can snail mail us at

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