CORPORATES

摘要

VERIZON bonds were trading tighter last week after it announced plans to sell its media assets - including AOL and Yahoo - to private equity firm APOLLO GLOBAL MANAGEMENT for US$5bn last Monday. Verizon, rated Baal/BBB+/A-, bought the internet pioneers AOL and Yahoo for US$4.4bn in 2015 and US$4.48bn in 2017, respectively, and combined them under the umbrella it renamed Oath, before changing the unit's name to Verizon Media in 2019. The business was never able to penetrate the hold Facebook and Google have over the digital advertising space, causing Verizon to put the unit up for sale and focus on its rollout of 5G Internet access.