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Apollo is approaching agreement to buy Verizon’s media assets – source

A man stands next to the Verizon logo at the Mobile World Congress in Barcelona, ​​Spain, February 26, 2019. REUTERS / Sergio Perez

Apollo Global Management Inc (APO.N) is close to buying the media assets of Verizon Communications Inc (VZ.N) in a deal valued at close to $ 5 billion, a source familiar with the matter told Reuters .

Bloomberg had reported earlier on Sunday that the announcement could come ‘as soon as Monday.’

Verizon Communications and Apollo Global Management did not immediately respond to Reuters’ request for comment.

Last week, the Wall Street Journal reported that Verizon was investigating a sale of its media assets, which include Yahoo and AOL.

Verizon has struggled to expand its media capabilities, declaring them virtually worthless with a $ 4.6 billion write-down in 2018.

In 2019, it sold the blog platform Tumblr for an undisclosed amount and last year sold the news site HuffPost to BuzzFeed. According to a Reuters report, Verizon also tested the market for potential buyers of Yahoo Finance, but had eventually completed the search.

Our standards: Thomson Reuters Trust Principles.

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