{"id":485649,"date":"2021-05-03T08:03:20","date_gmt":"2021-05-03T12:03:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/"},"modified":"2021-05-03T08:03:20","modified_gmt":"2021-05-03T12:03:20","slug":"verizon-media-to-be-acquired-by-apollo-funds","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/","title":{"rendered":"Verizon Media to be Acquired by Apollo Funds"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <strong><br \/>\n          <em>Transaction Expected to Accelerate Growth of the Internet and Digital Media Leader<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <em>Verizon to Maintain Minority Stake in the New Company to be Known as Yahoo<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">NEW YORK, May  03, 2021  (GLOBE NEWSWIRE) &#8212; Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, \u201cApollo\u201d) today announced that funds managed by affiliates of Apollo (the \u201cApollo Funds\u201d) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.<\/p>\n<p align=\"justify\">One of the world\u2019s premier global technology and media companies, Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses. The corporate carveout will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide.<\/p>\n<p align=\"justify\">\u201cWe are excited to be joining forces with Apollo,\u201d said Guru Gowrappan, CEO, Verizon Media. \u201cThe past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo\u2019s sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help to accelerate our growth for the long- term success of the company.\u201d<\/p>\n<p align=\"justify\">\u201cWe are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,\u201d said Reed Rayman, Private Equity Partner at Apollo. \u201cWe have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo\u2019s growth in its next chapter.\u201d<\/p>\n<p align=\"justify\">\u201cWe are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms,\u201d said David Sambur, Senior Partner and Co-Head of Private Equity at Apollo. \u201cApollo has a long track record of investing in technology and media companies and we look forward to drawing on that experience to help Yahoo continue to thrive.\u201d<\/p>\n<p align=\"justify\">\u201cVerizon Media has done an incredible job turning the business around over the past two and a half years and the growth potential is enormous,\u201d said Hans Vestberg, CEO, Verizon. \u201cThe next iteration requires full investment and the right resources. During the strategic review process, Apollo delivered the strongest vision and strategy for the next phase of Verizon Media. I have full confidence that Yahoo will take off in its new home.\u201d<\/p>\n<p align=\"justify\">Verizon Media reported strong, diversified year-over-year revenue growth the past two quarters, driven by innovative ad offerings, consumer ecommerce, subscriptions, betting and strategic partnerships. Yahoo, one of the best recognized digital media brands in the world and the fourth most visited internet property globally, continues to evolve as a key destination for finance and news among Gen Z. This was most recently marked by Yahoo News becoming the fastest growing news organization on TikTok.<\/p>\n<p align=\"justify\">Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media. The transaction includes the assets of Verizon Media, including its brands and businesses. The transaction is subject to satisfaction of certain closing conditions and expected to close in the second half of 2021.<\/p>\n<p align=\"justify\">Goldman Sachs served as lead financial advisor to Verizon in the transaction. Evercore also served as financial advisor to Verizon. Kirkland &amp; Ellis LLP and Freshfields Bruckhaus Deringer LLP are serving as legal counsel to Verizon.<\/p>\n<p align=\"justify\">LionTree served as lead financial advisor to and will invest alongside the Apollo Funds, bringing its global strategic relationships to Yahoo as the company continues to accelerate growth and pursue strategic investments in key verticals and product areas.<\/p>\n<p align=\"justify\">RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP is serving as legal counsel to the Apollo Funds.<\/p>\n<p align=\"justify\">\n        <strong>About Verizon<\/strong><br \/>\n        <br \/>Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world\u2019s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers\u2019 demand for mobility, reliable network connectivity, security and control.<\/p>\n<p align=\"justify\">\n        <strong>About Apollo<\/strong>\n      <\/p>\n<p align=\"justify\">Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. Apollo had assets under management of approximately $455 billion as of December 31, 2020 in credit, private equity and real assets funds. For more information about Apollo, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bSGAkD2PrI3ro48mUCYrJxe-IdpFRHlfVzQnOZU3EjEJj-ThhRN_5WQc9d90oN4mbiJiIxcuq8ifunAQn9nTFaM3dFsqieZxeSfNte9tUTGKS0q_nz3qE2aJ33iESsm4JuMKFFIQaT2T9O7y_hAQHcbXuTZ84KcSq11AJujO6M9Zb94WkhkFeB9pn9zE2o6ztqZGeRXlvMy20Yy9D3eCMVY10F0eEdm1OQjWcKCgxHmBAiq3p6ymMZrEqISjRAnCGWYOhBmHjE3ToG2MgnHTnxmFfmqFlBWcIwNny-f8-b7c7-C_WLalTGhD51U2F7KJNPNiatLidyuwQ8y22Ijwem55ivCl4-knKvnRO0jb8JFsPTWDY_gSpAPKnC9cT_PUEx440QxicWWgVVkv5wYkHw==\" rel=\"nofollow noopener\" target=\"_blank\"><u>www.apollo.com<\/u><\/a>.<\/p>\n<p align=\"justify\">\n        <strong>About Verizon Media<\/strong>\n      <\/p>\n<p align=\"justify\">Verizon Media, a division of Verizon Communications, Inc., houses a trusted media ecosystem of premium brands like Yahoo, TechCrunch and Engadget to help people stay informed and entertained, communicate and transact, while creating new ways for advertisers and media partners to connect. From XR experiences to advertising and content technology, Verizon Media is an incubator of innovation and is revolutionizing the next generation of content creation in a 5G world.<\/p>\n<p>VERIZON\u2019S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=xp-W05Djdr331PTljfpyFBZ8tR2XmAwn83Gd0aDJL6_cHKcU5X4SZS3XkRDJYb5klfm8w_RS1KfKQuOyPQYUzjwCDmD-YXOPeBKNyQAM9ic=\" rel=\"nofollow noopener\" target=\"_blank\">verizon.com\/news<\/a>. News releases are also available through an RSS feed. To subscribe, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=dSclMbDSsXTg9WjeFFngA3bYakuJrPwfYRBSBqyhg8VB5-E-1NA9aIra2iMloLPePK2fhf11sLFREqkw3YcO4H00mqjsKxYl9BGxT-4uRrVIgjqwB34l5_DVnxKK04BN\" rel=\"nofollow noopener\" target=\"_blank\">www.verizon.com\/about\/rss-feeds\/<\/a>.<\/p>\n<p>\n        <strong>Media contact:<\/strong><br \/>\n        <br \/>Allison Butler<br \/>Corporate Communications<br \/>Verizon Media<br \/>(202) 669- 9887<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zimfaF0RpWi3oOYzgVfnw-W4su97LhmSThWQROWpgeVxH_V9UkKRbZ12tpb0dHaCfoIT2CqMbCiy97G7JTUYrZAxEkGM0WQeinFcGPsx5LRzm0PCHqipuuzVtjWpPdqr\" rel=\"nofollow noopener\" target=\"_blank\">allison.butler@verizonmedia.com<\/a>\u00a0<\/p>\n<p>Joanna Rose<br \/>Global Head of Corporate Communications<br \/>Apollo Global Management, Inc.<br \/>(212) 822-0491<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eeKQirtEk3REbMl0srPDtq-7X11rEhZMJ0ZKabbnwExC9_wtRH8cdR0W3-dn4yrmprsOMolI3rc97Wm1ng803DUFfJ4CJGiPrGURzUZf0NI=\" rel=\"nofollow noopener\" target=\"_blank\">Communications@apollo.com<\/a><\/p>\n<p>Kim Ancin<br \/>+ 1 908-801-0500<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gW25YxMd2D-mFE2zgqcNvS3dRfzCUcM8jfZpE4PXJrg3eHK3ZA7WjXSbVs9COIsbhYTCgyqq5GMB33N5vSlMNJqfEXP7roLWS19yrdNN4VwMPYPdwn02HkKgZ074dolA\" rel=\"nofollow noopener\" target=\"_blank\">kimberly.ancin@verizon.com<\/a>\u00a0<\/p>\n<p>\n        <strong>Investor Contact<\/strong><br \/>\n        <br \/>Peter Mintzberg<br \/>Head of Investor Relations<br \/>Apollo Global Management, Inc.<br \/>(212) 822-0528<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=VXfMg3qktMepVbF-y4iJdAc6gSQ_enhs1qQ4dsUz8WvpVp_OLjA7ezZhxcafXKzsyaJGO0mWSQgzgKagBtxvKTz9gB2_DK8hh2KzdqByI34ZiMFRy6pi1C5n-SgASPx2\" rel=\"nofollow noopener\" target=\"_blank\">APOInvestorRelations@apollo.com<\/a>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIyODA1NiM0MTYxMDEwIzIwMDg2NjQ=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/ca803a11-645f-4ed6-a70b-727eb3dee714\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Transaction Expected to Accelerate Growth of the Internet and Digital Media Leader Verizon to Maintain Minority Stake in the New Company to be Known as Yahoo NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) &#8212; Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, \u201cApollo\u201d) today announced that funds managed by affiliates of Apollo (the \u201cApollo Funds\u201d) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan. One of the world\u2019s premier global technology and media companies, Verizon Media is comprised of iconic brands such &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Verizon Media to be Acquired by Apollo Funds&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-485649","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Verizon Media to be Acquired by Apollo Funds - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Verizon Media to be Acquired by Apollo Funds - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Transaction Expected to Accelerate Growth of the Internet and Digital Media Leader Verizon to Maintain Minority Stake in the New Company to be Known as Yahoo NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) &#8212; Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, \u201cApollo\u201d) today announced that funds managed by affiliates of Apollo (the \u201cApollo Funds\u201d) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/","og_locale":"en_US","og_type":"article","og_title":"Verizon Media to be Acquired by Apollo Funds - Market Newsdesk","og_description":"Transaction Expected to Accelerate Growth of the Internet and Digital Media Leader Verizon to Maintain Minority Stake in the New Company to be Known as Yahoo NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) &#8212; Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, \u201cApollo\u201d) today announced that funds managed by affiliates of Apollo (the \u201cApollo Funds\u201d) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan. One of the world\u2019s premier global technology and media companies, Verizon Media is comprised of iconic brands such &hellip; Continue reading \"Verizon Media to be Acquired by Apollo Funds\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/","og_site_name":"Market Newsdesk","article_published_time":"2021-05-03T12:03:20+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIyODA1NiM0MTYxMDEwIzIwMDg2NjQ=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Verizon Media to be Acquired by Apollo Funds","datePublished":"2021-05-03T12:03:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/"},"wordCount":1021,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIyODA1NiM0MTYxMDEwIzIwMDg2NjQ=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/verizon-media-to-be-acquired-by-apollo-funds\/","name":"Verizon Media to be Acquired by Apollo Funds - 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