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Apollo nears deal to purchase Verizon’s media belongings 

© Reuters. FILE PHOTO: A person stands subsequent to the brand of Verizon on the Cell World Congress in Barcelona

By Greg Roumeliotis

NEW YORK (Reuters) – Apollo World Administration (NYSE:) Inc is shut to purchasing the media belongings of Verizon Communications Inc (NYSE:) in a deal that may very well be valued near $5 billion, a supply acquainted with the matter instructed Reuters.

Bloomberg had reported earlier on Sunday the announcement may come ‘as quickly as Monday.’

Verizon Communications and Apollo World Administration didn’t instantly reply to Reuters request for remark.

Final week, Wall Road Journal reported that Verizon was exploring a sale of its media belongings, which embrace Yahoo and AOL.

Verizon has struggled to develop its media properties, declaring them almost nugatory with a $4.6 billion write-down in 2018.

In 2019, it divested running a blog platform Tumblr for an undisclosed sum and final 12 months offered information web site HuffPost to BuzzFeed. Verizon additionally examined the marketplace for potential consumers of Yahoo Finance, in response to Reuters reporting, however had finally ended that search.

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