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Benzinga
Benzinga
Business
Anusuya Lahiri

Apollo Looks To Merge Yahoo Sports With Betting Companies

APO Yahoo Sports Apollo (Organization) NYSE Apollo Global Management Inc Australia CNBC Verizon Communications Inc
  • Apollo Global Management Inc (NYSE:APO) is discussing with sports betting companies to merge their assets with Yahoo Sports, CNBC reports.
  • Apollo acquired Yahoo from Verizon Communications Inc (NYSE:VZ) for $5 billion in 2021.
  • Yahoo has spoken with is Australia-based Pointsbet Holdings Ltd (OTC: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.
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