Tim armstrong aol net worth9/2/2023 Mayer made big bets at Yahoo, including reformatting its news properties like Yahoo Finance and buying the popular blogging platform Tumblr for more than $1 billion. After burning through several CEOs, Yahoo tapped Google's Marissa Mayer to run the company. Yahoo endured its own struggles over the last decade. After spinning out from Time Warner, AOL struggled under Armstrong, despite making bold bets on digital media properties like HuffPost and the network of local news sites called Patch. Verizon Media's sale to Apollo marks the latest turn in decades-long roller coaster ride for AOL and Yahoo, two of the most dominant forces in the early days of the consumer internet. Comcast, another internet provider, is still in the media business as well with NBCUniversal. AT&T is still trying to grow WarnerMedia into a streaming competitor to Netflix and Disney, even as it struggles with loads of debt from its media acquisitions. With the sale of Yahoo and AOL, Verizon signaled it is no longer interested in media, unlike its rivals. Gowrappan will continue to lead Yahoo under Apollo. Oath rebranded again as Verizon Media Group in November 2018 and was run by Guru Gowrappan. Under former AOL CEO Tim Armstrong, the Yahoo and AOL brands were converged into a new online media division within Verizon called Oath.īut the Oath project largely failed to gain momentum, and Armstrong left the company in 2018. It also recently sold off or shut down other media properties like Tumblr and Yahoo Answers.īefore that, Verizon's original vision was to turn Yahoo and AOL properties into online media behemoths that could take on Google and Facebook 's dominance in online advertising. Last year, Verizon sold HuffPost to BuzzFeed. There has been increasing evidence recently that Verizon wanted to sell off its media properties and instead focus on its wireless networks and other internet provider businesses. Verizon and Apollo said they expect the transaction to close in the second half of 2021. Verizon will get $4.25 billion in cash from the sale along with its 10% stake in the company. Verizon bought AOL for $4.4 billion in 2015 and Yahoo two years later for $4.5 billion. The sale will see online media brands under the former Yahoo and AOL umbrellas like TechCrunch, Yahoo Finance and Engadget go to Apollo at much lower valuations than they commanded just a few years ago. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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