Verizon Sells 90% of Media Unit to Apollo in $5 Billion Deal

Verizon is selling its media assets, including AOL and Yahoo, to Apollo Group for $5 billion, a move that reflects a strategic shift towards focusing on its 5G infrastructure. This decision comes after Verizon's previous investments in these media assets did not yield the expected competitive advantage against tech giants like Google and Facebook. The company is now heavily investing in 5G technology, spending $45 billion at a recent U.S. government auction for wireless frequencies, and is borrowing to finance this shift. This strategic pivot aims to streamline Verizon's business and concentrate on its core wireless services.

What challenges did Verizon face in competing with companies like Google and Facebook?

What is the primary focus of Verizon's business strategy moving forward?