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Verizon sells Yahoo and AOL to private equity firm for $5 billion

Verizon on Monday announced that it will sell its digital media unit, including Yahoo and AOL, to private equity firm Apollo Global Management for $5 billion.

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

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