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Verizon close to selling off AOL and Yahoo


(NEW YORK) — In a $5 billion sale, Verizon is offloading its media group to private equity firm Apollo Global Management.

The group includes brands like TechCrunch and early internet pioneers AOL and Yahoo.

Verizon says it will still maintain a 10% stake in the media business, but the company will now focus more exclusively on its wireless networks and internet services.

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