The Wall Street Journal reports Verizon Communications Inc. is exploring a sale of assets including Yahoo and AOL, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media.
The sales process, which includes private-equity firm Apollo Global Management Inc., could lead to a deal worth $4 billion to $5 billion, according to people familiar with the matter—assuming there is one. Other details couldn’t be learned.
Verizon splashed out billions of dollars assembling a portfolio of once-dominant websites, including AOL in 2015, and Yahoo in 2017, paying more than $9 billion in total to acquire the pair.
April 29, 2021 at QZVX
Raoul says:
“ exploring a sale of assets including Yahoo and AOL.”
I wouldn’t call AOL or even Yahoo an “asset.” 🙄
April 29, 2021 at QZVX
Louis says:
That old squealing modem sound from the AOL days has been etched in my mind forever.
April 29, 2021 at QZVX
Jason Remington says:
These types of bad deals remind me of when AT&T bought National Cash Register and Olivetti-Underwood. AT&T did one thing right, long distance telephone service. The wireless division was built on the backbone of Cellular One and the IPO of AT&T wireless was a dismal failure. There were employees who were psyched to get into what the company touted as a huge money-maker. I kid you not, there were a few that put their life savings or home equity into the stock, only to see the stock plummet after initial opening. People should always remember, never trust the corporation. The corporation doesn’t care about you. It’s all about the Benjamins.
April 29, 2021 at QZVX
kjrol says:
Makes me wonder how long western union can survive. Even its money transfer business is in danger.
April 29, 2021 at QZVX
Jason Remington says:
Word on the street is, Verizon is looking to pick up Compuserve, Prodigy and Netscape, if the price is right.