Apollo’s $5 Billion Bet on Yahoo Aims to Go Beyond Advertising

Apollo Global Management Inc.’s $5 billion deal for Verizon Communications Inc.’s media unit will create a new entity dubbed Yahoo, and while the name is losing its exclamation point, the new owners are enthusiastic about the business’s opportunities.

Along with Yahoo, Apollo is getting AOL, TechCrunch, Ryot, Built By Girls and Flurry. Guru Gowrappan, who headed the division for Verizon, will be chief executive officer of Yahoo. Verizon will keep a 10% stake in the venture.

Apollo partner Reed Rayman said he hopes to take these primarily advertising-driven media brands and augment them with new products like ...