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Apollo Looks To Merge Yahoo Sports With Betting Companies

  • Apollo Global Management Inc (NYSE: APO) is discussing with sports betting companies to merge their assets with Yahoo Sports, CNBC reports.

  • Apollo acquired Yahoo from Verizon Communications Inc (NYSE: VZ) for billion in 2021.

  • Yahoo has spoken with is Australia-based Pointsbet Holdings Ltd (OTC: PBTHF), which has a market valuation of about $760 million.

  • Apollo and Yahoo are considering merging Yahoo Sports with an existing sports betting company and could set up an eventual spin-off of Yahoo Sports. The new company would likely keep the Yahoo branding.

  • Yahoo was an early provider of fantasy sports tools and still has millions of players likely to be crossover candidates for legalized sports betting.

  • Price Action: APO shares traded higher by 3.77% at $64.73 on the last check Wednesday.

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