https://techcrunch.com/2021/05/03/private-equity-firm-apollo-agrees-to-buy-verizon-media-assets-for-5-billion/

Following several days of negotiation and rumors, Verizon today announced that it has entered an agreement to sell its media assets to private equity firm Apollo Global Management for $5 billion. The deal includes $4.25 billion in cash and preferred interests of $750 million. It will also see Verizon retaining 10% of the business, but its divestment signifies a formal retreat for the telecoms giant away from its expensive effort to take a stronger role in efforts to own, build and monetize content on top of its own and others’ networks. The new company, known simply as Yahoo, will continue to be led by current CEO,  Guru Gowrappan.

The price Apollo is paying is in line with reports of the deal in recent days, which collectively pegged the deal at around $4-5 billion.