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Moments ago we made an important announcement. We’ve entered into an agreement with a leading global investment manager, Apollo, to acquire Verizon Media. While this is a bittersweet moment, Verizon will maintain a minority stake in the new company, which upon deal closing will be called Yahoo.
This is a big step forward for our Media team. A team that delivered an incredible turnaround these past 2.5 years - capped off by the last 2 quarters of double-digit growth. This move will help accelerate that growth.
After a strategic review, Guru and I discussed, and believed, that the full value of Media’s offerings have yet to be unlocked. Apollo has a powerful vision that includes aggressively pursuing growth areas in commerce, content and betting. One that also features synergies with many of the traditional brick and mortar companies in their portfolio who can benefit from Media’s e-commerce platform. What made Apollo’s offer so appealing, is that it includes leveraging the entire Verizon Media ecosystem of adtech, affiliate relationships, data, insights, targeting and reach.
I believe this move is right for all of our stakeholders including the Media employees. Our purpose is to create the networks that move the world forward, and this will help us better focus all our energy and resources on our core competencies.
I couldn’t be more proud of the work that Guru, his leadership team, and the entire Media team of “Builders” has done to get to this point. In fact, it’s important to note that Guru will continue in his current leadership role.
As a reminder, as with any deal like this, the transition will take time to complete. It’s important that we continue to stay focused on our ongoing work together, across all our business units and continue to deliver the best customer experiences we are known for.
This is but one more chapter in an iconic and storied brand. I am excited about where they will take the new Yahoo.