Apollo Global Management bought Verizon Media Group
The new company, when the deal is complete, will be known simply as Yahoo, and it will continue to be led by current CEO Guru Gowrappan and from what we understand the plan involves pursuing opportunities across content, commerce and betting. The division’s existing footprint spreads across a variety of internet brands, publishing, and advertising.
One of the world’s premier global technology and media companies, Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses. The corporate carveout will allow Verizon Media to aggressively pursue growth in areas and stands to benefit its employees, advertisers, publishing partners, and nearly 900 million monthly active users worldwide.
Apollo is a high-growth, global alternative asset manager. They seek to provide clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and opportunistic. Through their investment activity across their fully integrated platform, they serve the retirement income and financial return needs of clients and offer innovative capital solutions to businesses. Apollo’s patient, creative, knowledgeable approach to investing aligns their clients, businesses they invest in, employees, and the communities they impact, to expand opportunity and achieve positive outcomes.
Yahoo has flitted between multiple owners since falling from grace as a darling of the early internet era. Its core internet business was snapped up by Verizon Communications for $4.5bn in 2017, precipitating the departure of then-chief executive officer Marissa Meyer.
Yahoo, AOL, and HuffPost were subsequently folded within a new company Oath, which was later rebranded as Verizon Media – the subject of today’s Apollo takeover.
Yahoo chief executive (and formerly Verizon Media chief exec) Guru Gowrappan said:
“THIS IS A NEW ERA FOR YAHOO. THE CLOSE OF THE DEAL HERALDS AN EXCITING TIME OF RENEWED OPPORTUNITY FOR US AS A STANDALONE ENTITY. WE ANTICIPATE THAT THE COMING MONTHS AND YEARS WILL BRING FRESH GROWTH AND INNOVATION!
Apollo partner Reed Rayman added:
“WE LOOK FORWARD TO PARTNERING WITH YAHOO’S TALENTED EMPLOYEE BASE TO BUILD ON THE COMPANY’S STRONG MOMENTUM AND POSITION THE NEW YAHOO FOR LONG-TERM SUCCESS AS A STANDALONE CONSUMER INTERNET AND DIGITAL MEDIA LEADER.”
Where Vuuzle sits in all of this, We get the luxury of working with the same team at Verizon. This is the team that we work closely with and received the brand blazer award for 2021.
Vuuzle would have represented well at CES in 2021 if it was not done virtually due to the pandemic.
Our goal at Vuuzle is to continue to innovate and this year we will be working towards some dynamic streaming applications that will allow us to continue to innovate and soon become overall leaders in streaming.
Tech Data Corp. (NASDAQ: TECD) is being acquired by Apollo Global Management Inc. (APO). Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) apparently bid $140 per share for the company but doesn’t plan to bid again.
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