American telecom operator Verizon Communications is said to be in the process of completing the sale of its media division to Apollo Global Management Inc., as per people familiar with the matter. The sources added that the transaction could be announced as soon as today and that Verizon would continue to hold a stake in the unit. Verizon’s media business includes AOL and Yahoo’s internet properties that it acquired in 2015 and 2017 for $4.4bn and $4.5bn respectively. It also includes brands such as TechCrunch, Ryot, Built By Girls and Flurry, according to its website. Bloomberg reported that the sale to Apollo could fetch Verizon as much as $5bn. This transaction aligns with the company’s efforts to offload non-core assets and focus on its wireless business and construction of a strong network for advanced 5G services.
Verizon’s 3.875% bonds due 2029 traded stable at 112.4 yielding 2.08%.
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