By Micah Maidenberg
Apollo Global Management Inc. agreed to pay about $5 billion to acquire Yahoo and AOL from Verizon Communications Inc. as the wireless giant exits its ill-fated foray into the media business.
The private-equity firm is paying $4.25 billion in cash for a majority stake in the media assets and providing Verizon with interests in the businesses totaling $750 million. In addition, Verizon will keep a 10% stake in a new company, called Yahoo, that will be formed to operate the business.
The Wall Street Journal earlier reported Apollo's interest in Verizon Media's business, which mostly struggled to grow against Google and Facebook Inc. Verizon Media had about $7 billion in revenue last year.
Ben Mullin, Miriam Gottfried and Drew FitzGerald contributed to this article
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires