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Apollo Funds to Acquire Verizon Media in $5 Billion Deal
- Client News
- May 3, 2021
Paul, Weiss is advising funds managed by affiliates of Apollo Global Management, Inc. in their $5 billion acquisition of Verizon Media, which is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses. Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media. Verizon Media will be known as Yahoo at the transaction’s close, which is expected in the second half of 2021, pending satisfaction of certain closing conditions.
The Paul, Weiss team includes, among others, corporate partners Gregory Ezring, Mark Wlazlo, Brad Finkelstein, Danielle Penhall, Manuel Frey, Robert Zochowski and Matthew Goldstein, and counsel Richard Quay, Lisa Koff and Sophia Xuan Gui; tax partners Brad Okun and Brian Grieve; executive compensation partners Lawrence Witdorchic and Jarrett Hoffman, and counsel Ron Aizen; intellectual property partner Charles Googe; litigation partners Lewis Clayton and William Clareman, and counsel Peter Jaffe, Kripa Raman, Darren Johnson and Rachel Fiorill; restructuring partners Jacob Adlerstein and Kyle Kimpler; real estate partner Peter Fisch; and environmental counsel William O’Brien.