Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Alphabet Inc.
  6. News
  7. Summary
    GOOGL   US02079K3059

ALPHABET INC.

(GOOGL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Alphabet : Verizon to offload Yahoo, AOL for $5 billion

05/03/2021 | 10:35pm EDT
FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona

(Reuters) - Verizon Communications Inc is getting rid of its media businesses that include iconic brands Yahoo and AOL for $5 billion, ending an expensive and unsuccessful run in the media and advertising world.

Despite spending more than a decade and billions of dollars acquiring a stable of internet brands, the New York-based telecom company has struggled to make headway in a highly competitive internet advertising space dominated by Facebook Inc and Google and has focused its resources on developing 5G.

Having written $4.6 billion off the value of the businesses in 2018, Verizon will get just $4.25 billion in cash from private equity firm Apollo Global, along with preferred interests of $750 million and a 10% stake in the unit - about half of what it had paid for the businesses.

The move concludes a steady drip of deals that saw Verizon sell blogging platform Tumblr in 2019 for an undisclosed sum and news website HuffPost to BuzzFeed last year.

The series of media divestitures came after Hans Vestberg, chief executive at Verizon, took the helm of the wireless provider from his predecessor Lowell McAdam, who was behind the vision of a media and telecom giant.

Vestberg has prioritized building out the telecom network as the company spent $52.9 billion for C-band spectrum in the government auction earlier this year.

The divested unit, which was previously named Oath and recently renamed Verizon Media, will now be called Yahoo when the deal closes around the second half of 2021 and continue to be helmed by Guru Gowrappan.

For Apollo, the deal comes at a time when the big internet platforms have sewn up huge portions of the digital advertising market, drawing regulatory scrutiny over their practices.

Apollo, an investor in Shutterly and Expedia Inc, was interested in the Yahoo asset when it ran a process in 2017.

Reed Rayman, partner at Apollo, said the private equity firm will look to expand advertising and ecommerce and grow key assets including Yahoo Finance and Yahoo Sports through new business initiatives, such as subscriptions.

Verizon started engaging potential buyers last fall. Reuters previously reported that it had sought buyers for Yahoo Finance in 2019, and some industry estimates had valued that business alone at around $2 billion.

That compares with the roughly $4.48 billion Verizon spent on Yahoo in 2017, betting its 1 billion-plus users would be a fertile audience for online ads. It acquired email service AOL for $4.4 billion in 2015.

Verizon Media's portfolio also includes online brands such as TechCrunch, Makers, Ryot and Flurry, according to its website. It reported revenue of $1.9 billion in the first quarter of 2021, up by 10.4% year-on-year.

(Reporting by Eva Mathews and Subrat Patnaik in Bengaluru, Krystal Hu in New York; Editing by Bernard Orr, Shounak Dasgupta and Shinjini Ganguli)

By Eva Mathews and Krystal Hu


© Reuters 2021
All news about ALPHABET INC.
07/30Disney mandates vaccines for on-site U.S. employees
RE
07/30Wall Street declines with Amazon; S&P 500 on track for monthly gain
RE
07/30U.S. judge says Google request for Microsoft documents is relevant
RE
07/30AMAZON COM : Earnings bounce, bond-yield drop help keep party going for U.S. sto..
RE
07/30FACEBOOK : Russia opens case against WhatsApp for violating personal data law
RE
07/30CE BRANDS : Raises US$8 Million From Choco Up to Drive Expansion
MT
07/30ALPHABET : Global equity funds post biggest inflow in five weeks- Lipper
RE
07/30EQS-ADHOC : Mobimo Holding AG: Mobimo enregistre -2-
DJ
07/30EQS-ADHOC : Mobimo Holding AG: Pleasing half-year result for Mobimo
DJ
07/30SAP : Secures Google Cloud as Partner for RISE with SAP
MT
More news
Financials (USD)
Sales 2021 250 B - -
Net income 2021 68 758 M - -
Net cash 2021 143 B - -
P/E ratio 2021 26,8x
Yield 2021 -
Capitalization 1 800 B 1 800 B -
EV / Sales 2021 6,62x
EV / Sales 2022 5,67x
Nbr of Employees 144 056
Free-Float 93,1%
Chart ALPHABET INC.
Duration : Period :
Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 48
Last Close Price 2 694,53 $
Average target price 3 127,27 $
Spread / Average Target 16,1%
EPS Revisions
Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
Louis John Doerr Independent Director
Ann Mather Independent Director
Sector and Competitors
1st jan.Capi. (M$)
ALPHABET INC.54.94%1 799 758
BAIDU, INC.-24.15%57 995
NAVER CORPORATION48.21%55 815
Z HOLDINGS CORPORATION-12.48%37 822
YANDEX N.V.-2.37%24 272
SOGOU INC.8.34%3 425