Global alternative management company Apollo Global Management Inc. (APO) is seeking to buy the media assets of United States based telecommunication company Verizon Communication Inc. (VZ).
Sources directly involved in the matter have revealed that the purchase deal could amount to around $5 billion. Bloomberg business was the first to publish the report further adding the deal could be closed as soon as May 3.
Towards the end of last week, Wall Street Journal published a report indicating that Verizon was seeking for a way to sell its media assets which include AOL and Yahoo.
The company has been having hard times growing its media properties, back in 2018, the company declared the assets worthless after a write down of media assets worth $4.6 billion.