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Photo: Andrew Harrer/Bloomberg via Getty Images

Verizon is considering selling its media assets division, which includes Yahoo and AOL, the Wall Street Journal first reported on Wednesday.

Driving the news: The company is in talks with Apollo Global Management about a deal with worth up to $5 billion, according to the WSJ and Bloomberg.

Between the lines: Verizon acquired Yahoo for $4.48 billion in 2017 and AOL for $4.4 billion in 2015. The deals were meant to give Verizon a trove of data that would enable the company to sell targeted advertising against its entire portfolio of brands, Axios' Sara Fischer notes.

  • Media giants are now shifting away from depending solely on digital advertising and instead diversifying their revenue streams with subscriptions, commerce and events.

Of note: Verizon took a $4.6 billion write-down for its media unit in late 2018.

  • The company has since begun finding some success in subscriptions, as well as advertising revenues recovering from early in the pandemic. But it's nowhere close to delivering the return on investment that it put into buying the two properties, Fischer notes.
  • Verizon and Apollo did not immediately respond to Axios' request for comment.

Go deeper

Jul 29, 2021 - Technology

Ad boom rains billions on Big Tech

Data: Company filings; Chart: Axios Visuals

Advertising growth was the chief driver of tech's blowout quarter, as the economy snapped back from the pandemic and a long-term shift to digital went into overdrive.

By the numbers: Facebook, Snapchat, Twitter, LinkedIn, YouTube and Google all posted record ad revenue growth rates in earnings reports for 2021's second quarter.

Scoop: U.S. and Israel to form team to solve consulate dispute

Secretary of State Antony Blinken (left) and Israeli Foreign Minister Yair Lapid (right) meet in Washington. Photo: Andrew Harnik/Pool/AFP via Getty Images

The U.S. and Israel are planning to form a joint team to hold discreet negotiations on the reopening of the U.S. Consulate in Jerusalem, Israeli officials say.

Why it matters: The consulate handled relations with the Palestinians for 25 years before being shut down by then President Donald Trump in 2019. Senior officials in Israeli Prime Minister Naftali Bennett's government see the consulate issue as a political hot potato that could destabilize their unwieldy coalition.

Nikolas Cruz pleads guilty to Parkland school shooting

Parkland school shooter Nikolas Cruz at the defense table during jury selection at the Broward County Courthouse in Fort Lauderdale, Fla., on Oct. 6, 2021. Photo: Amy Beth Bennett/South Florida Sun Sentinel/Tribune News Service via Getty Images

Nikolas Cruz on Wednesday pleaded guilty on all counts for carrying out the 2018 shooting at the Marjory Stoneman Douglas High School in Parkland, Fla., that left 17 people dead, including 14 students and three staff members.

Driving the news: Cruz, 23, pleaded guilty at a hearing on Wednesday to 17 murder counts and 17 counts of attempted first-degree murder for carrying out the deadly shooting.