On Monday May 3, Verizon announced that it has secured a deal to sell its media assets to Apollo Global Management and related entities. This deal is worth $5 billion. Verizon will keep a 10% stake in the company, which will be known as Yahoo at the transaction’s close. Current Verizon CEO Guru Gowrappan will also continue to lead the company. Gowrappan will receive a special cash retention award of $3 million in connection with the acquisition. Yahoo (NASDAQ: YHOO) and AOL (NASDAQ: TWX) lead Verizon Media brands.
Verizon Media will be able to “aggressively pursue” areas of growth and stands for its employees, advertisers and publishing partners. Verizon will also be able to do more for its nearly 900 million monthly active worldwide users.
Per the agreement…