Yahoo and AOL, kings of the early internet, saw their fortunes decline as Silicon Valley raced ahead to create new digital platforms. Google replaced Yahoo. AOL was supplanted by cable giants. Now they will become the property of private equity. Verizon, their current owner, agreed to sell them to Apollo Global Management in a deal worth $5 billion, the companies announced Monday.
In 2002, Yahoo had the chance to buy Google for $1 billion; they hesitated and walked away when the price went to $3 billion. (Same story says they nearly bought Facebook for $1 billion in 2006 and could’ve had it for $1.1 billion.)
In January 2000, AOL acquired Time-Warner for $182 billion to form a mega media company then valued at $350 billion.
What a decline.