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| Yahoo looks to a new future after the acquisition |
Private equity firm Apollo Global Management has announced the completion of the acquisition of Yahoo (formerly Verizon Media Group, formerly Oath).
The deal is worth $5 billion. Verizon owns 10% of the newly renamed company.
"This is a new era for Yahoo," Yahoo CEO Guru Churapan (and former head of Verizon Media Group) said in a statement.
"The completion of the transaction heralds an exciting time for us as an independent company with new opportunities," he added. We anticipate that the coming months and years will bring continued growth and innovation to Yahoo and Mark. To shape that future with our new partners.
It is reported that after the deal closes, Juraban may not be the CEO of the company for much longer. But he is still in office.
In addition to Yahoo's nominal holdings (mail, sports, and finance), it also owns AOL, TechCrunch, Engadget, and the interactive media brand RYOT.
This global brand has nearly 900 million monthly active users worldwide. It is currently the third largest property on the Internet.
The move ends Verizon's years of widespread entry into online media, particularly around adtech technology.
The news was released during the turbulent times of online media and the growing industry consolidation.
Yahoo looks to a new future after the acquisition
In 2015, Verizon acquired AOL for $4.4 billion and two years later Yahoo for $4.5 billion. The two companies formed a joint group called Oath.
In 2019, Verizon sold Tumblr, then last year it sold Huffington Post.
It is not yet clear how the new owner will manage large companies differently. But one strategy might be to let Apollo Global Management sell parts.
However, Apollo Global Management agreed to continue investing in the newly acquired properties. All functionality is retained at the time of delivery, at least in the initial phase.
"We look forward to working with the talent pool at Yahoo," said Apollo Global Management. The goal is to foster strong business momentum and the new company's long-term success as an independent market leader in consumer internet and digital media.
“We are excited about the new chapter at Yahoo because we want to invest in the growth of the entire company, including accelerating customer-centric products and business capabilities, expanding reach and improving the everyday user experience.”