Verizon is exiting the media business.
The telecom giant is selling Yahoo, AOL and the remainder of its Verizon Media brands to the private equity firm Apollo Global Management in a $5 billion deal announced Monday.
The new company will be called Yahoo and will continue to be run by CEO Guru Gowrappan. Verizon will retain a 10 percent stake in the new company, and LionTree, which served as the lead financial advisor on the transaction, will also be an investor alongside…
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