Apollo Global Management will pay about $5 billion to acquire Verizon Media, which includes Yahoo and AOL, from Verizon Communications. The new company will be called Yahoo.
News of the sale broke last week when The Wall Street Journal reported that a purchase was drawing near. Now the media outlet has confirmed the sale this morning.
Apollo, a private-equity firm, plans to pay $4.25 billion in cash for a majority stake in the media assets. Verizon Communications will hold an interest in the businesses of about $750 million. The WSJ also reports that it will keep a 10% stake in the new Yahoo.
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