Verizon announces to sell its business for $5 billion

American wireless network operator Verizon has announced that it will sell the business to Apollo Global Management for $5 billion.

As per reports, Verizon will get $4.25 billion in cash, preferred interests of $750 million, and retain a 10 percent stake in Verizon Media, as part of the deal terms.

CEO of Verizon Communications Hans Vestberg said in a statement said that “The next iteration [of Verizon Media] requires full investment and the right resources.”

Verizon spent $9 billion collectively in separate deals for early-internet proponents AOL and Yahoo.

However through the years of rebrands, and integration challenges out came Verizon Media, which, after a rocky start became one of the most highly trafficked web properties in the U.S.