Sept. 2 (UPI) — Tech and media company Yahoo officially has a new owner — and will be known as Yahoo once again.
Private equity firm Apollo Global Management, who bought the company for $5 billion in May, announced on Wednesday that its acquisition was complete.
The old company, known as Verizon Media, will now become simply Yahoo. Verizon retains a 10% stake in the new company.
Yahoo changed its name in 2017 when it was acquired by Verizon, which previously bought AOL. The merged company was initially called Oath before it was changed to Verizon Media.
The acquisition allows Yahoo to operate as a standalone company under Apollo Funds.
“This is a new era for Yahoo,” Yahoo CEO Guru Gowrappan said in a statement. “The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity.
“We anticipate that the coming months and years will bring fresh growth and innovation for Yahoo as a business and brand.”
Verizon paid nearly $9 billion for Yahoo and AOL.