The former tech icons have been sold by Verizon to Apollo Funds as part of a $5 billion deal for Verizon Media, the telecommunications giant announced Monday.
Verizon will retain a 10% stake in the company, which will be known as Yahoo when the transaction closes.
The company says the deal will allow Verizon Media, which consists of various Yahoo properties as well as tech sites TechCrunch and Engadget, to aggressively pursue areas of growth.
“Verizon Media has done an incredible job turning the business around over the past two and a half years and the growth potential is enormous,” said Verizon CEO Hans Vestberg in a statement.
The deal is expected to close during the second half of 2021.
In 2017, Verizon acquired Yahoo for $4.48 billion, a reduced price after Yahoo disclosed two massive data breaches in 2013 and 2014. Verizon scooped up AOL in 2015 for $4.4 billion.
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