Apollo Acquires Verizon Media for $5.0 Billion

Published May 20, 2021 | 3 min read

RBC Capital Markets acted as financial advisor to Apollo Global Management on its acquisition of Verizon Media.

Landmark Transaction Overview

Verizon (NYSE:  VZ) and Apollo Global Management, Inc. (NYSE: APO) entered into an agreement announced on May 4, 2021 for Apollo Funds to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo and continue to be led by CEO Guru Gowrappan. The corporate carveout will allow Verizon Media, comprised of iconic brands such as Yahoo and AOL and with nearly 900 million monthly active users worldwide,  to aggressively pursue growth areas. Verizon will receive $4.25 billion in case, preferred interests of $750 million and retain a 10% stake in Verizon Media. Subject to satisfaction of certain closing conditions, the transaction is expected to close in second half 2021.

Key Stats

  • $5.0 billion agreement
  • $4.25 billion cash
  • $750 million preferred interests
  • 10% stake in VZ Media retained by Verizon

Apollo Overview

Apollo is a leading global investment manager with assets under management of approximately $455 billion as of December 31, 2020 in credit, private equity and real assets funds.  Apollo has offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others.

Verizon Media Overview

Verizon Media, a division of Verizon Communications, Inc., houses a media ecosystem of premium brands like Yahoo, TechCrunch and Engadget to help people stay informed and entertained, communicate and transact while creating new ways for advertisers and media partners to connect. Verizon Media is an incubator of innovation and is revolutionizing the next generation of content creation in a 5G world.

Verizon Corporation Overview

Verizon Communications Inc. was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Offering data, video and voice services and solutions on award-winning networks and platforms, the company delivers on customers’ demand for mobility, reliable network connectivity, security and control.

RBC Capital Markets Senior Deal Team Members


Matthew R. Stopnik

Matthew R. Stopnik
Managing Director and Co-Head of U.S Investment Banking


Jean-Francois Chaput

Jean-Francois Chaput
Managing Director, U.S. Financial Sponsors Group


Tim Karman

Tim Karman
Head & Managing Director, Internet Investment Banking


Sasson Darwish

Sasson Darwish
Head, Infrastructure Software, AI, IoT, and Digital Media Investment Banking


Brandon Maultasch

Brandon Maultasch
Managing Director, Software & Internet Investment Banking


Nick Stevenson

Nick Stevenson
Global Head of Communications, Media and Entertainment (CME)


Subject to satisfaction of certain closing conditions, the transaction is expected to close in second half 2021. The transaction is subject to customary regulatory review and closing conditions. This communication has been approved by RBC Capital Markets, LLC (member FINRA, NYSE, SIPC), which is a U.S. registered broker-dealer and which accepts responsibility for this communication. This announcement is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, investment product or service. RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC); RBC Dominion Securities Inc. (member IIROC and CIPF); Royal Bank of Canada - Sydney Branch (ABN 86 076 940 880); RBC Capital Markets (Hong Kong) Limited (regulated by the Securities and Futures Commission of Hong Kong and the Hong Kong Monetary Authority) and RBC Europe Limited (authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority). ® Registered trademark of Royal Bank of Canada. Used under license. © Copyright 2021. All rights reserved.


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