Verizon sells former Internet giants Yahoo and AOL for $5 billion

Verizon has announced the sale of AOL and Yahoo properties to Apollo Global Management, Inc. in a deal said to be worth $5 billion. Verizon initially acquired these properties for nearly $9 billion, so the sale price is considerably lower. Verizon will maintain a 10% stake in the company, which will be known as Yahoo when the transaction closes.