Verizon has announced that it is selling Yahoo and AOL for $5 Billion to private-equity firm called Apollo Global Management. The deal was announced officially by Verizon just a few days after news reports said that Verizon had put Yahoo and AOL for sale.

The Yahoo/AOL division known as Verizon Media is "one of the world's premier global technology and media companies." Besides Yahoo and AOL, Verizon Media includes "leading ad tech and media platform businesses," Verizon said.

The sale to Apollo "will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners, and nearly 900 million monthly active users worldwide," the deal announcement said.