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 would 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 behemoth tech platforms such as Google. And AOL was the portal, bringing almost every early adopter to laptops online.
As part of the deal, 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, among them brands and businesses such as Yahoo and AOL.
The deal is expected to close in the second half of the year.