Verizon To Sell Media Business To Apollo Management For $5B But Will Retain 10% Stake

Verizon (VZ) will sell Verizon Media, the company's ad technology and media platform business, to funds managed by affiliates of Apollo Global Management (APO) for a sale price of $5 billion. However, Verizon will continue to retain a 10% stake in the company that will be known as Yahoo after the close of the acquisition.