Verizon sells majority stake of Yahoo, AOL to Apollo Global Management

Verizon is selling a majority stake in Verizon Media — the subsidiary that includes Yahoo and AOL — to Apollo Global Management Inc. for $5 billion, the companies announced Monday. The deal was rumored to be nearly complete last week. Under its terms, the telecommunications giant will retain a 10% stake in the company, which will take on a familiar name — Yahoo, according to a news release. “We are excited to be joining forces with Apollo,” said Verizon Media CEO Guru Gowrappan, who will…