- Apollo Global Management Inc APO is discussing with sports betting companies to merge their assets with Yahoo Sports, CNBC reports.
- Apollo acquired Yahoo from Verizon Communications Inc VZ for $5 billion in 2021.
- Yahoo has spoken with is Australia-based Pointsbet Holdings Ltd PBTHF, which has a market valuation of about $760 million.
- Apollo and Yahoo are considering merging Yahoo Sports with an existing sports betting company and could set up an eventual spin-off of Yahoo Sports. The new company would likely keep the Yahoo branding.
- Yahoo was an early provider of fantasy sports tools and still has millions of players likely to be crossover candidates for legalized sports betting.
- Price Action: APO shares traded higher by 3.77% at $64.73 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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