Verizon offloads Yahoo and AOL in $5 billion deal

Verizon is exiting the media business, announcing Monday that it's selling the unit for $5 billion to private equity firm Apollo Global Management. The sale includes AOL and Yahoo, which Verizon bought for a combined $9 billion in recent years. Verizon will retain a 10% stake in the spin off and the Verizon Media Group name will be changed to just Yahoo.