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Reed rayman8/2/2023 ![]() ![]() 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. “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. “We are excited to be joining forces with Apollo,” said Gowrappan. Verizon Media reported strong, diversified year-over-year revenue growth the past two quarters, driven by innovative ad offerings, consumer ecommerce, subscriptions, betting and strategic partnerships, Verizon said. “We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”Īlso Read: Verizon, Innovid, BrightLine Join for Interactive CTV Ads “We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,” said Reed Rayman, Private Equity Partner at Apollo. Verizon provides a supply-side platform for media companies looking to monetize their CTV assets. ![]() Last week Verizon Media announced a deal to work to exclusively use Vizio’s data to target ad campaigns in the booming connected TV market. Private equity has also been pouring money into the ad tech space. The company will also be suspending 401(k) matching for the remainder of the year and asking employees to voluntarily reduce work weeks, as well.Ad tech companies have been proving their value lately, either through public offerings like Viant and DoubleVerify or by being acquired, like SpotX. In a press release, company chairman Barry Diller outlined all of the steps the company was taking, but he indicated that the management changes had been in the works even prior to the crisis that has overtaken the company and the entire industry.Īs a result of the ongoing industry issues, the company will be forced to go lean and that means furloughs and reduced work weeks for certain volume of employees, at least through August 31st. The company also announced these executives and members of the board will forgo salary for the remainder of the year, and senior executives will take a 25% pay cut. ![]() In addition, the company is making big changes in the executive team, naming vice chairman Peter Kern as CEO and company veteran Eric Hart as CFO. While it may not emerge stronger than ever, certainly having a significant chunk of operating capital will help ensure that it simply emerges whenever this industry slump ends. “This investment helps ensure the company has the resources to sustain market leadership and emerge from the current economic environment stronger than ever,” Rayman said in a statement. Apollo partner Reed Rayman sees a solid company going through a rough time. The deal consists of two separate tranches of cash with $1.2 billion coming from private placement of perpetual preferred stock and approximately $2 billion coming from new debt financing, according to the company.Īpollo Global Management and Silver Lake will be providing the funds to give the company some capital to help make it to the other side of the coronavirus pandemic. With nobody moving, travel site Expedia announced that it has raised $3.2 billion to help ride this out. ![]() It’s not exactly a secret that the travel industry is in free fall right now as the pandemic has brought the industry to a screeching halt. ![]()
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