Apollo nears deal to buy Verizon's media assets - source

Possible deal valued at nearly $5B, source says

NEW YORK - Apollo Global Management Inc is close to buying the media assets of Verizon Communications Inc in a deal that could be valued close to $5 billion, a source familiar with the matter told Reuters.

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Bloomberg had reported https://bloom.bg/3e8aSsV earlier on Sunday the announcement could come 'as soon as Monday.'

Apollo Global) is close to buying the media assets of Verizon Communications Inc (VZ.N) in a deal that could be valued close to $5 billion, a source familiar with the matter told Reuters. (Getty Images)

Verizon Communications and Apollo Global Management did not immediately respond to Reuters request for comment.

Last week, Wall Street Journal reported that Verizon was exploring a sale of its media assets, which include Yahoo and AOL.

Verizon has struggled to grow its media properties, declaring them nearly worthless with a $4.6 billion write-down in 2018.

VERIZON EXPLORES SALE OF MEDIA ASSETS, INCLUDING PARTS OF YAHOO AND AOL

In 2019, it divested blogging platform Tumblr for an undisclosed sum and last year sold news website HuffPost to BuzzFeed. Verizon also tested the market for potential buyers of Yahoo Finance, according to Reuters reporting, but had ultimately ended that search.