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Apollo nears deal to buy Verizon’s media assets: source

FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona

NEW YORK (Reuters) – Apollo Global Management Inc is close to buying the media assets of Verizon Communications Inc in a deal that could be valued close to $5 billion, a source familiar with the matter told Reuters.

Bloomberg had reported https://bloom.bg/3e8aSsV earlier on Sunday the announcement could come ‘as soon as Monday.’

Verizon Communications and Apollo Global Management did not immediately respond to Reuters request for comment.

Last week, Wall Street Journal reported that Verizon was exploring a sale of its media assets, which include Yahoo and AOL.

Verizon has struggled to grow its media properties, declaring them nearly worthless with a $4.6 billion write-down in 2018.

In 2019, it divested blogging platform Tumblr for an undisclosed sum and last year sold news website HuffPost to BuzzFeed. Verizon also tested the market for potential buyers of Yahoo Finance, according to Reuters reporting, but had ultimately ended that search.

(Reporting by Anirudh Saligrama in Bengaluru and Greg Roumeliotis in New York; Editing by Karishma Singh)

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