Verizon sells AOL, Yahoo media brands to private equity firm for $5 billion

Verizon has given up on its attempt to transform '90s internet giants Yahoo and AOL into a content and advertising behemoth, as it has agreed to sell the brands to private equity firm Apollo Global Management for $5 billion.Verizon has agreed to sell AOL and Yahoo for $5 billionSix years after it bought AOL and five after it took over Yahoo, Verizon Communications has sold off both, according to releases from both Verizon and Apollo Global Management. The wireless carrier, which spent more than $9 billion on the brands, is now selling them for just over half of that. Read more...