Verizon Communications (VZ  ) is selling its media division, including legacy internet brands Yahoo and AOL, to a private equity firm.

Verizon Media Group will be spun off to Apollo Global Management and rebranded as Yahoo, according to a press release from the communications firm. Under the terms of the deal, Verizon will retain a 10% stake and will offload the division for $5 billion.

"We are excited to be joining forces with Apollo," said Verizon Media CEO Guru Gowrappan, who will remain with the company. "The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo's sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help to accelerate our growth for the long- term success of the company."

Verizon's media gamble began in 2015 with the acquisition of AOL, with the intent to challenge the advertising dominance of Google (GOOGL  ) and Facebook (FB  ), but to no avail. Signs that Verizon's attempt to penetrate the realm of media and advertising were faltering when Verizon began to divest, starting with the sale of Tumblr in 2019 and progressing to include the sale of HuffPost last year.

Verizon's attempt was modest but was ultimately doomed to fall short of the deeply entrenched giants of the online media. Rather than dabble in media, Verizon appears to be focusing its efforts on its 5G rollout instead.

Wall Street seemed indifferent to the news. While Verizon has spent the week on an upward path so far, it's not much to write home about. Verizon managed to gain 0.27% on Monday, showing little noticeable push from the news of its sale. Verizon managed to keep the trend going, gaining 1% on Tuesday, and an additional 0.2% on Wednesday.