As per a source familiar with the matter at hand, Apollo Global Management Inc is closing in on a deal to acquire the media assets of Verizon Communications Inc in a deal that could be valued close to $5 billion.

Earlier on Sunday, as per a report from Bloomberg, a formal announcement could come ‘as soon as Monday.’

Neither Apollo Global Management nor Verizon Communications immediately responded to requests for comments.

According to a report from the Wall Street Journal, Verizon was exploring a sale of its media assets, which includes AOL and Yahoo.

In 2018, Verizon struggled to grow its media assets and had declared them nearly worthless and wrote-down their value by $4.6 billion.

In 2019, Verizon divested Tumblr for an undisclosed sum and in 2020 it sold news website HuffPost to BuzzFeed.

Verizon has also tested the waters for a potential sale of Yahoo Finance, but has so far given up on the potential sale.

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Tags: acquire, acquisition, AOL, Apollo Global Management, Apollo Global Management Inc, BuzzFeed, deal, divested, divestiture, HuffPost, M&A, media assets, media assets sale, merger, Tumblr, valuation, valued, Verizon Communications Inc, worthless, wrote down, Yahoo, Yahoo Finance