Apollo Global Management Inc. (APO.N) is close to buying Verizon Communications Inc.’s (VZ.N) media assets in a deal that could be valued at nearly $ 5 billion, a source familiar with the matter told Reuters.
Bloomberg reported earlier Sunday that the announcement could come “immediately after Monday.”
Verizon Communications and Apollo Global Management did not respond immediately to Reuters’ request for comment.
Last week, the Wall Street Journal reported that Verizon was investigating the sale of its media assets, including Yahoo and AOL.
Verizon is struggling to expand its media properties, declaring them almost useless with a write-off of $ 4.6 billion in 2018.
In 2019, he sold the blogging platform Tumblr for an undisclosed amount and last year he sold the HuffPost news website to BuzzFeed. Verizon also tested the market for potential buyers of Yahoo Finance, according to Reuters, but eventually ended the search.
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