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Photo by AaronP/Bauer-Griffin/GC Images

Verizon on Monday announced that it will sell its digital media unit, including Yahoo and AOL, to private equity firm Apollo Global Management.

Details: Apollo will pay $5 billion for a 90% stake in the business, with Verizon retaining a 10% stake. It's a slightly higher price than what was expected, but still far short of the $9 billion that Verizon paid to acquire the businesses.

  • Verizon had previously sold former Yahoo properties HuffPost (to BuzzFeed) and Tumblr (to Automattic), but for nominal amounts.

Between the lines: Verizon CEO Hans Vestberg joined the company after the Yahoo purchase, and quickly let it be known that he wanted Verizon's growth to come from networking, not content creation.

  • Apollo, meanwhile, is one of very few big buyout firms to remain enamored with legacy media. It helped bankroll a 2019 merger involving newspaper publisher Gannett, and also bought up a bunch of TV and radio stations from Cox Communications.

History: Both the Yahoo and AOL acquisitions were meant to give Verizon lots of data so that it could sell targeted advertising against its media assets. AT&T, a rival phone company, tried to do the same thing with its acquisition of Time Warner's media assets in 2018.

  • It quickly became clear that the data-based ad play wouldn't work. Tim Armstrong, who was hired in 2015 to run the operation, left abruptly in 2018, and media group revenues were lower for this past quarter than they were in Q3 2017.
  • More recently, Verizon tried to lean into subscriptions, bundling together paid tiers of some of its flagship products, like Yahoo Mail and Yahoo Sports. It's likely that the little success they've experienced putting some of the few remaining Yahoo assets behind a paywall is what was attractive to Apollo.

Go deeper

U.S. Latinos earn less, die earlier in segregated areas

A rally in rally in Brooklyn, N.Y., protesting Latino segregation in October 2015. Photo: Spencer Platt/Getty Images

U.S. Latinos have a higher life expectancy and earn more yearly income when they live in racially mixed neighborhoods compared to areas that are predominantly Black or Latino, an analysis finds.

Why it matters: The study by the University of California Berkeley’s Othering and Belonging Institute released this week shows the physical and economic toll on Latinos as cities become more segregated.

Updated 28 mins ago - Politics & Policy

51 people unaccounted for after Miami-area condo collapse

A view of the crumpled portion of the 12-story condo tower on June 24 in Surfside, Florida. Photo: Joe Raedle/Getty Images

A massive search and rescue operation is underway after a portion of a 12-story condo building in Surfside, Florida, collapsed early Thursday morning, according to AP.

The latest: 51 people who were "supposedly residing" in the building at the time of the collapse have not yet been accounted for, Miami-Dade County Commissioner Sally Heyman said on CNN Thursday morning.

CDC extends final eviction moratorium for 30 days

People and students from Worker's Circle of Boston and members of City Life Vida Urbana protest to stop evictions during the coronavirus pandemic. Photo: Jim Davis/The Boston Globe via Getty Images

The Biden administration has issued a 30-day extension to the temporary halt in residential evictions, the CDC announced on Thursday.

Why it matters: The eviction moratorium, implemented to prevent a wave of evictions caused by pandemic-related economic decline, was scheduled to expire on June 30.