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Verizon Communications Incorporated is set to sell its media group, which includes Yahoo and AOL, to private equity firm Apollo Global Management, CNBC reported Monday.

Both Verizon and Apollo announced that Verizon will sell its media group to Apollo for $5 billion, according to CNBC. Media brands under the Verizon Media banner, such as Yahoo Finance, Engadget, and TechCrunch will be sold to Apollo at lower estimates than they were acquired several years ago.

In 2015, Verizon purchased AOL for $4.4 billion, and two years later, Yahoo for $4.5 billion, CNBC reported.

Verizon Media to be acquired by Apollo Funds

— Verizon News (@VerizonNews) May 3, 2021

Verizon wrote $4.6 billion off the value of the businesses in 2018, and will now receive $4.5 billion in cash from Apollo global, including a 10% stake in the company, Yahoo Finance reported. (RELATED: Former Facebook Official Calls For Verizon, AT&T, Others To Deplatform OANN And Newsmax)

“We are excited to be joining forces with Apollo. The past two-quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo’s sector expertise and strategic insight, Yahoo will be well-positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full-stack digital advertising platform,” Guru Gowrappan, CEO of Verizon Media, said in a press release. “This transition will help to accelerate our growth for the long-term success of the company.”

CNBC reported that Verizon wants to focus more on its wireless networks and other internet provider ventures. In 2020 Verizon sold the Huffington Post to Buzzfeed, and recently either sold or terminated other services, such as Tumblr and Yahoo Answers.

The transaction is expected to close in the second half of 2021, according to CNBC.

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Tags: according to cnbc yahoo finance verizon media cnbc reported that verizon the company

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Actor Simu Liu discusses #StayStrongTogether, "Shang-Chi and the Legend of the Ten Rings"

Simu Liu, the first Asian lead in a Marvel movie, is helping to launch the #StayStrongTogether campaign, which delivers meals to children facing hunger.

"With so many children not attending school full time and so many parents that are still out of work, there's more than two million kids in California that will face hunger this year," Liu said.

The California Milk Processor Board partnered with No Kid Hungry, encouraging people to use the hashtag #StayStrongTogether on social media posts that have the theme of staying strong and tagging two friends. For each post until June 30, $1 will be donated to the No Kid Hungry campaign.

"I chose to start things off with a funny video of my own ... I crush an egg with my bare bicep," he said.

Liu also shared his excitement to star in the upcoming film, "Shang-Chi and the Legend of the Ten Rings."

"It's not lost on me just how much it would have meant for myself as a child growing up to see someone like that, who reflect my own lived experiences, and just how profound of an effect that would have had on my development and what I perceived as possible for myself because that certainly wasn't there for me growing up," he said.

"Shang-Chi and the Legend of the Ten Rings" is in theaters September 3.

Watch the full interview in the media player above.

The Walt Disney Co. is the parent company of Marvel and ABC7.

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