What next for Yahoo News and TechCrunch?
There was just one mention of Yahoo News in Verizon’s statement on Monday. The outlet had apparently become the fastest growing news publisher on TikTok, it boasted. But its future looks unclear as Verizon Media, including Yahoo, is now being acquired by Apollo Funds for $5bn ($4.25bn of it in cash).
Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan. The business had acquired AOL and Yahoo $8.9bn some years back. Revenues, however, were still strong across Verizon Media at the end of 2020:
Total Verizon Media revenues were $2.3 billion in fourth-quarter 2020, up 11.4 percent year over year, the first quarter of year over year growth since the Yahoo acquisition in 2017. Growth in the quarter was fuelled by strong advertising trends with revenue from the demand side platform growing 41 percent year over year.
Journalists at the likes of Yahoo News, TechCrunch and Engadget will no doubt hope their fate is not reminiscent of another former Verizon outlet, HuffPost, which recently moved away from news in the UK and scaled down its staff under new owner BuzzFeed.
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The Telegraph now has more than 600,000 total subscribers and saw operating profits grow by 76% year-on-year to £28.3m in 2020.
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News UK will reportedly only be producing streaming video content, rather than traditional TV, as GB News is set to launch this year.
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HuffPost UK will focus on politics, entertainment and lifestyle as its news team leaves the BuzzFeed-owned outlet.
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