Apollo Funds Complete Acquisition of Yahoo

Rhea-AI Summary

Apollo Global Management (NYSE: APO) has successfully acquired Yahoo, previously known as Verizon Media, marking a significant transition as Yahoo becomes a standalone entity under Apollo's management. Verizon retains a 10% ownership stake in Yahoo. Apollo aims to enhance Yahoo's offerings and user experience, tapping into its extensive user base of nearly 900 million monthly active users. Both Reed Rayman from Apollo and Yahoo's CEO Guru Gowrappan expressed optimism for future growth and innovation, signaling a new era for the iconic brand.

Positive

• Acquisition of Yahoo enhances Apollo's portfolio with a well-established brand.
• Yahoo has nearly 900 million monthly active users, presenting substantial growth potential.
• Apollo plans to invest in Yahoo's growth, expanding its consumer offerings and improving user experience.

Negative

• Integration challenges may arise as Yahoo transitions to a standalone entity.
• Retention of only 10% stake by Verizon could limit collaboration opportunities.

NEW YORK, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by its affiliates (the “Apollo Funds”) have completed the acquisition of Yahoo - formerly Verizon Media - one of the world’s premier global technology and media companies. With the close of the transaction, Yahoo will now operate as a standalone company under Apollo Funds. Verizon has 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 a standalone consumer internet and digital media leader,” said Reed Rayman, Partner at Apollo. “We couldn’t be more excited about this next chapter for Yahoo as we look to invest in growth across the business, including accelerating its customer-first offerings and commerce capabilities, expanding its reach and enhancing the daily user experience.”

“This is a new era for Yahoo,” said Guru Gowrappan, CEO, Yahoo. “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.”

For nearly 30 years, Yahoo has been the world’s premier global technology and media company, with nearly 900 million monthly active users worldwide, making it the third-largest property on the internet. Comprised of iconic consumer news brands and products, plus leading advertising and media platform businesses, Apollo’s investment will enable new growth for Yahoo, benefiting consumers, advertisers, publishing partners, and employees.

About Apollo
Apollo is a high-growth, global alternative asset manager. We seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and opportunistic. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2021, Apollo had approximately $472 billion in assets under management. To learn more, please visit www.apollo.com.

About Yahoo
Yahoo is a global media and tech company that connects people to their passions. We reach nearly 900 million people around the world, bringing them closer to what they love—from finance and sports, to shopping, gaming and news—with the trusted products, content and tech that fuel their day. For partners, we provide a full-stack platform for businesses to amplify growth and drive more meaningful connections across advertising, search and media. To learn more, please visit yahooinc.com.

Contact Information

Apollo

For Investors
Noah Gunn, Global Head of Investor Relations
Apollo Global Management, Inc.  
(212) 822-0540
IR@apollo.com 

For Media
Joanna Rose, Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Yahoo

Allison Butler
(202) 669-9887
allison.butler@verizonmedia.com

FAQ

What is the significance of Apollo acquiring Yahoo?

The acquisition allows Apollo to expand its investment portfolio with a renowned global tech and media company, aiming to drive growth and innovation.

When did Apollo complete the acquisition of Yahoo?

Apollo announced the completion of the acquisition on September 01, 2021.

What is the expected impact of Apollo's acquisition on Yahoo?

Apollo plans to invest in Yahoo’s growth, enhancing customer offerings and overall user experience, potentially leading to increased revenue.

How many monthly active users does Yahoo have?

Yahoo has nearly 900 million monthly active users, making it the third-largest property on the internet.

What stake does Verizon retain in Yahoo post-acquisition?

Verizon retains a 10% stake in Yahoo after the acquisition by Apollo.