According to the latest news, Yahoo and AOL were officially been acquired by their new owners and renamed as “Yahoo”. Back in May this year, Verizon announced it was selling the properties to Apollo Global Management in a deal worth $5 billion.
Verizon originally purchased AOL in 2015 at a cost of $4.4 billion and Yahoo in 2017 at $4.5 billion.
Yahoo will now be run by CEO Guru Gowrappan. Yahoo will operate as a standalone company under Apollo Funds. Apollo, a private equity firm owns assets like crafts retailer Michaels, Chuck E. Cheese restaurants, and the Venetian resort in Las Vegas.
CEO Gowrappan said “The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity. 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.”
Note that this acquisition marks the end of Verizon’s short-lived dalliance with media production and advertising. Apollo revealed Yahoo boasts nearly 900 million monthly active users in its diverse range of services.