Apollo Funds completes its acquisition of the venerable internet brand from Verizon.
Apollo Global Management on Wednesday said it had completed its acquisition of Yahoo, formerly part of Verizon Media. The private equity firm in May agreed to acquire Verizon's media group -- which included brands such as Yahoo and AOL, as well as ad tech and media platform businesses -- for $5 billion.
Yahoo will operate as a standalone company under Apollo, according to a release. The company will be led by Guru Gowrappan, who was previously the CEO of Verizon Media. Verizon will retain a 10% stake in the company.
"The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity," said Gowrappan, now CEO of Yahoo, in the release. "We anticipate that the coming months and years will bring fresh growth and innovation for Yahoo as a business and a brand, and we look forward to creating that future with our new partners."
Verizon acquired AOL in 2015 and Yahoo in 2016, paying about $9 billion for the pair. In 2017, Verizon merged AOL and Yahoo into its business, creating the media division dubbed Oath that was later rebranded to Verizon Media. The company took a $4.6 billion write-down on the merger in 2018.