Verizon is giving up its collection of media properties.
"We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms," David Sambur, co-head of private equity at Apollo, said in a statement. "Apollo has a long track record of investing in technology and media companies and we look forward to drawing on that experience to help Yahoo continue to thrive."
The deal is Verizon's latest step toward exiting the media market. Verizon sold HuffPost to BuzzFeed last year and it also recently sold off or shut down other properties including Tumblr and Yahoo Answers.
As it exits media, Verizon is expected to focus on its core wireless networks business and other internet provider businesses.
I recommend AOL go back to the free CDs.