13 days ago • Posted by William Ramstein

Verizon agrees to shed off some media assets to Apollo

Verizon stock (ticker: VZ) was up 0.7% on Monday morning. The company will receive $4.25 billion in cash and $750 million in preferred interest from funds associated with private-equity giant Apollo Global Management (APO) for a 90% stake in Verizon Media -- which implies a total valuation of about $5.6 billion. That unit is comprised of brands like Yahoo, AOL, TechCrunch, and Engadget, with a combined 900 million monthly active users.

Source: BoA