'The right move at the right time,' says analyst about Verizon offloading Yahoo, AOL

Record ID: 1614529

  • Title: 'The right move at the right time,' says analyst about Verizon offloading Yahoo, AOL
  • Date: 3rd May 2021
  • Summary: WESTFIELD, NEW JERSEY, UNITED STATES (MAY 3, 2021) (REUTERS VIA ZOOM) (SOUNDBITE) (English) WEDBUSH SECURITIES, MANAGING DIRECTOR, DANIEL IVES, SAYING: "It's a content arms race, and we've seen from Peacock to Netflix to Amazon to HBO to Apple and others. If you look at Yahoo's strategy there, I think they definitely recognized for them to be more and more successful, they
  • Embargoed: 17th May 2021 21:52
  • Keywords: 5G AOL Verizon Yahoo News divestiture media assets
  • Location: NEW YORK, NEW YORK, + WESTFIELD, NEW JERSEY, UNITED STATES / UNKNOWN LOCATIONS
  • City: NEW YORK, NEW YORK, + WESTFIELD, NEW JERSEY, UNITED STATES / UNKNOWN LOCATIONS
  • Country: USA
  • Topics: Company News Markets,Economic Events,United States
  • Reuters ID: LVA005EBESYMF
  • Aspect Ratio: 16:9
  • Story Text: Verizon Communications is getting rid of its media businesses that include iconic brands Yahoo and AOL for $5 billion, ending an expensive and unsuccessful run in the media and advertising world.
    Having written $4.6 billion off the value of the businesses in 2018, Verizon will get just $4.25 billion in cash from private equity firm Apollo Global, along with preferred interests of $750 million and a 10% stake in the unit - about half of what it had paid for the businesses.
    For Apollo, the deal comes at a time when the big internet platforms have sewn up huge portions of the digital advertising market, drawing regulatory scrutiny over their practices.
    (Production: Aleksandra Michalska)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: Footage contains computer game or software screenshots. User is responsible for obtaining additional clearances before publishing this clip.
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