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Apollo Funds completed its acquisition of Verizon Media on September 1, 2021, and the business was known as Yahoo at closing. The deal was announced at a headline value of $5 billion, but that figure was not a single cash payment: the announced consideration included cash and preferred interests, while Verizon retained a 10% common interest.
What happened when Apollo bought Verizon Media?
On May 3, 2021, Verizon and Apollo announced an agreement under which funds managed by Apollo affiliates would acquire Verizon Media. The announcement said the company would be called Yahoo at close and described its businesses as including Yahoo and AOL, advertising technology, and media platforms. The sale closed on September 1, 2021. Verizon and Apollo’s announcement and Verizon’s 2022 Form 10-Q document the agreement and closing, respectively.
How much did Apollo pay for Verizon Media?
The May 2021 announcement described the transaction as worth $5 billion. Its stated consideration was $4.25 billion in cash and $750 million in preferred interests; Verizon also retained a 10% stake. So the $5 billion headline value should not be read as cash paid entirely at closing. The announcement sets out those terms.
Why does Verizon’s filing show different figures?
Verizon’s 2022 Form 10-Q reports the closing using accounting values: $4.3 billion in cash proceeds, a $496 million fair value for the preferred units, and a $124 million fair value for Verizon’s retained 10% common interest. Verizon accounted for that common interest as an equity-method investment. These are the filing’s reported closing proceeds and fair values, not a replacement for the $5 billion headline value announced in May 2021. Verizon’s filing gives the closing figures.
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What was the company called after the sale?
The announcement said Verizon Media would be known as Yahoo at closing. Yahoo Inc.’s completion announcement subsequently referred to the acquired company as “Yahoo – formerly Verizon Media.” Yahoo Inc.’s completion announcement confirms the name used at the time.
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