Reed Riemann, partner at Apollo, said Yahoo will continue to operate as an independent company under the Apollo Funds brand.
Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) announced that funds managed by its affiliates (“Apollo Funds”) have completed the acquisition of Yahoo Verizon Media Corporation – One of the world’s leading media and technology companies. See more in International.
With the deal closing, Yahoo will operate as an independent company under the Apollo Funds. Verizon retained a 10% stake in Yahoo.
“We look forward to partnering with Yahoo’s talented employee base to build on the company’s strong momentum and position the new Yahoo for long-term success as an independent leader in digital media and consumer internet,” said Reed Riemann, Partner at Apollo.
“we could not Get more excited about this next chapter for Yahoo!We seek to invest in the growth of the entire business, including accelerating its customer-centric offering and capabilities, expanding its reach and improving the everyday user experience.”
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“This is a new era for Yahoo,” said Guru Juraban, CEO of Yahoo. “The closing of the deal heralds an exciting time for new opportunities for us as an independent entity. We expect the next few months and Years that will bring new growth and innovation to Yahoo As a company and as a brand, we hope to create that future with our new partners.”
For nearly 30 years, Yahoo is a leading global technology and media company, With nearly 900 million monthly active users worldwide, making it the third largest on the Internet.
Apollo’s investment consists of popular consumer news brands and products, as well as leading advertising companies and media platforms, which will enable New growth for Yahoo, which benefits consumers, advertisers, publishing partners, and employees.
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