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Illustration: Aïda Amer/Axios

Verizon is seeking a buyer for its digital media unit, including Yahoo and AOL, per WSJ. Among those kicking tires is Apollo Global Management.

Why it matters: It's the highest-profile case of a tech company wanting to become a media content company, and then bolting once it fully grasps the economics of being a media content company.

Pricing: Verizon paid a combined $9 billion to buy Yahoo and AOL, but WSJ suggests the asking price is only between $4 billion and $5 billion. It previously divested of both HuffingtonPost (to Buzzfeed) and Tumblr (to Automattic), but for nominal amounts.

  • Caveat: It's unclear if Verizon is willing to part with Yahoo's subscription business, centered around products like Yahoo Fantasy and Yahoo Finance, which has around 3 million paying customers.
  • Reminder: AOL still offers a dial-up internet service.

The bottom line: The only surprise is that it took this long. Verizon CEO Hans Vestberg came aboard after the Yahoo purchase, and was pretty clear that he wanted the company's future to be networking, not media.

Go deeper

Reports: Verizon in talks to sell media assets including Yahoo and AOL

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.

Updated 1 hour ago - Politics & Policy

Biden lays out $1.75 trillion "framework" before Europe departure

President Biden in Kearny, N.J., on Oct. 25. Photo: Michael M. Santiago/Getty Images

President Biden announced Thursday a "framework" for $1.75 trillion in social program and climate change spending after failing in prior efforts to win over his fellow Democrats on a much broader and costlier package.

Why it matters: Biden is gambling that by proclaiming the broad contours of the proposal, which he immediately began selling in a meeting with House Democrats before jetting off to Europe, progressives will vote for his $1.2 trillion infrastructure plan if and when House Speaker Nancy Pelosi brings it to the floor.

Economy slows in third quarter amid Delta variant

Data: FRED; Chart: Axios Visuals

The U.S. economy increased at an annual rate of 2% in the third quarter, the Department of Commerce said Thursday.

Driving the news: The gross domestic product figures for July through September come in much lower than the 6.7% increase in the second quarter, reflecting the "continued economic impact of the COVID-19 pandemic," according to the Bureau of Economic Analysis at the Department of Commerce.

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