Verizon to sell its media business, including iconic brands Yahoo and AOL, to focus on developing 5G | South China Morning Post

Verizon Communications Inc is getting rid of its media businesses that include iconic brands Yahoo and AOL for US$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 US$4.6 billion off the value of the businesses in 2018, Verizon will get just US$4.25 billion in cash from…