‘A great next step for all stakeholders.’
Hans and Guru discuss today’s Verizon Media news.
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On today’s special episode of Up To Speed Live, Verizon CEO Hans Vestberg and Verizon Media CEO Guru Gowrappan discussed the news that Verizon has entered into an agreement with global investment manager Apollo to acquire Verizon Media.
COVID-19 in India
Hans and Guru mentioned that our thoughts are with those affected by the tragic situation in India. On Friday’s Up To Speed, we covered some of the many things Verizon is doing to support those in need.
Hans said the news from India serves as a reminder for all of us around the world. “I caution all of us: The pandemic is still here with us and we need to continue to follow our safety procedures.”
Verizon Media to Apollo
Hans spoke of the news that an agreement has been reached for Apollo to acquire Verizon Media. He was reminded that back in 2018 when Guru was named CEO of Verizon Media, the two leaders developed a strategy about how to scale Verizon Media’s many assets. For Hans, today’s news is a continuation of that strategy.
“This is a great next step for the employees, the shareholders and especially for Verizon Media’s customers,” said Hans. “We’re excited for all of our stakeholders for all of the opportunities that this will bring. It makes sense.” Of his relationship with Guru, Hans said, “We’ve worked closely together and we will continue to work closely together.”
Verizon will maintain a minority stake of 10% in the new company, which upon deal closing will be called Yahoo.
Guru said he feels that today is a chance for Verizon Media employees to stop and smell the roses and celebrate all that they have accomplished up to this point. “We have the great foundation that being with Verizon gave us,” added Guru. “We couldn’t have gotten here without that. Now the training wheels are off. Now it’s time to make the next step and I’m very excited. Apollo — and all of the resources they have in their existing portfolio — gives us the potential for 10x growth and greater value for our customers.”
Read more information on the agreement.
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Click here for a transcript of the webcast.
Get the latest information on our Coronavirus Resource Page (Inside Verizon, The Street).