Two web services pioneers, Yahoo and AOL were resold after the new owners failed to recover the earnings of the two firms.
US telecommunications giant Verizon sold its media assets, including Yahoo and AOL, to a US private equity firm in a $ 5 billion deal.
Verizon bought Yahoo in 2017 and AOL in 2015 for $ 9 billion.
Yahoo and AOL were previously major leaders during the early Internet era but have now been overshadowed by firms such as Google and Facebook.
Under the sale of the media set to Apollo Global Management, Verizon will retain a 10% stake.
Verizon bought the two firms in hopes of quickly penetrating the digital advertising market and believes the two brands have a strong appeal with consumers.
According to Apollo, there is still a huge opportunity to build the two brands into a superpower of digital media and digital advertising.
"We're excited to help unlock the incredible potential of Yahoo and its unrivaled brand collection.
“We greatly respect and admire the hard work and development that the entire organization has done over the past few years,” said Apollo’s private equity partner Reed Rayman.
According to the SimilarWeb platform, Yahoo is still considered one of the top news aggregators on the Internet and the eleventh most visited website in the world with 3.8 billion visits in the last 6 months.
