Yahoo announced today Tuesday that it is withdrawing from China due to the “legal environment and challenges in the job market.”
And last May, US telecom giant Verizon announced it had struck a deal with a private equity fund to sell it to the declining internet stars Yahoo and AOL for $ 5 billion. The agreement with the Apollo Global Management Fund also includes the entire Verizon Media unit, including the ad technology operations of the two brands.
Verizon said in a statement that it will receive $ 4.25 billion in cash from the Apollo investment fund, while $ 750 million will be in preferred stock. Verizon has indicated that it will retain a 10% stake in the company, which will remain under the management of CEO Guru Gauraban upon completion of the transaction, which is expected in the second quarter of this year. Verizon acquired Yahoo in 2017 for about $ 4.5 billion and merged it into its unit with AOL, which it acquired in 2015 for $ 4.4 billion from Time Warner.
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