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 .
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.
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