The following report is from the Associated Press:
AOL and Yahoo are being sold again, this time to a private equity firm.
Verizon will sell Verizon Media, which consists of the pioneering tech platforms, to Apollo Global Management in a $5 billion deal.
Verizon said Monday that it will keep a 10% stake in the new company, which will be called Yahoo.
Yahoo at the end of the last century was the face of the internet, preceding the behemoth tech platforms to follow, such as Google and Facebook.
And AOL was the portal, bringing almost everyone who logged on during the internet’s earliest days.
Verizon had hoped to ride the acquisition of AOL to a quick entry into the mobile market, spending more than $4 billion on the company in 2015. The plan was to use the advertising platform pioneered by AOL to sell digital advertising. Two years later, it spent even more to acquire Yahoo and combined the two.
However the speed at which Google and Facebook have grown dashed those hopes and it became clear very quickly that it was unlikely to reach Verizon’s highest aspirations for the two.
The year after buying Yahoo, Verizon wrote down the value of the combined operation, called “Oath,” by more than the $4.5 billion it had spent on Yahoo.
As part of the deal announced Monday, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and the minority stake. The transaction includes the assets of Verizon Media, including its brands and businesses such as Yahoo and AOL.
The deal is expected to close in the second half of the year.
Shares of Verizon Communications Inc., based in New York, rose slightly before the opening bell Monday.
AUTHOR COMMENTARY
He that hasteth to be rich hath an evil eye, and considereth not that poverty shall come upon him.
Proverbs 28:22
I am mentioning this report because it further demonstrates the two-tiered fascist society – the haves and the have nots – The WinePress has been reporting on from the start. The big fish has just been eaten up by even bigger fish. We have already noted in a few reports private equity firms and other big businesses buying up smaller companies, and now the jumbo fish are eating up the rest of the ocean. This trend has been happening for years now, but went into “warp speed” in 2020, and will only continue to worsen.
This is quite literally the game of Monopoly playing out before our eyes. I kid you not, I have an edition of Monopoly called Monopoly Empire, and you can buy all the major brand names out there, and Yahoo is one of them. It is the most expensive orange property (the space before Free Parking).
We cannot cover all of these scenarios. There is just too many to name. We recommend the Trends Journal for more reports such as this to note just how many these firms and banks are buying everything up.
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