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.