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Verizon Media to be acquired by Apollo for $5 billion

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On Monday, Verizon Communications said it has agreed to sell its media unit, that includes Yahoo and AOL, to Apollo Global Management for $5 billion, as it looks to offload its digital media business.

Video Transcript

JULIE HYMAN: Before we leave you and take a quick break, I do want to mention some breaking news that does affect us directly. So I'll just let you know what's going on. We talked about it a little bit last week. Verizon Communications, which is currently our parent company, is not going to be much longer, at least if this deal closes as predicted.

Apollo Global Management agreed to pay about $5 billion to buy Verizon Media, which is our parent, and parent of the old Yahoo and AOL. It's going to be reverting to being called Yahoo, by the way. $4.25 billion in cash is the majority stake that Apollo is getting, they're paying to get. And Verizon is going to retain a 10% stake in the company.

It is expected to close in the second half of the year. This was widely reported upon last week. And as you see, the shares of Verizon up 6/10 of 1%.