One of the oldest internet companies is once again under its own name, as Yahoo is no longer part of Verizon.
In May, Verizon announced it was selling Verizon Media to Apollo Funds. Verizon Media included the Yahoo and AOL brands, and was part of Verizon’s attempt to take on Google and Facebook in the advertising market.
The acquisition is now complete, and Yahoo is once again operating as a standalone company under its own name.
“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.”
With some 900 million monthly active users, Yahoo has significant potential to be a profitable company for Apollo Funds.