Once the gateway to the internet for millions, AOL is making headlines again — this time for a $1.5 billion deal that could redefine its legacy. After years under Yahoo’s wing, the iconic online pioneer is being acquired by a European tech firm looking to revitalize the brand. Is this the start of AOL’s long-awaited reinvention in the modern digital era?
Bending Spoons to acquire AOL from Apollo Global Management
AOL is set to begin a new chapter under Italian tech firm Bending Spoons. The Milan-based company is acquiring AOL from Apollo Global Management, the private-equity giant that purchased Yahoo — including the AOL brand — from Verizon in 2021 for $5 billion. While the specific deal terms remain undisclosed, Axios reports the acquisition’s value at approximately $1.5 billion. Expected to finalize by the end of 2025, the transaction is still subject to regulatory and customary closing approvals.
To support the purchase and fuel future mergers and acquisitions, Bending Spoons has secured a $2.8 billion debt financing package backed by major global lenders such as BNP Paribas, Goldman Sachs, HSBC, J.P. Morgan, Mitsubishi UFJ Financial Group, Mizuho, Société Générale, Crédit Agricole CIB, and Wells Fargo.
Bending Spoons bets on AOL’s enduring strength and legacy
AOL continues to be a profitable digital brand, generating roughly $400 million in annual EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and more than $500 million in yearly revenue, according to The Wall Street Journal. The platform remains active, drawing around 8 million daily and 30 million monthly users across its news, entertainment, games, and email services, based on figures shared by Bending Spoons.
“AOL is an iconic, beloved business that’s in good health, has stood the test of time, and we believe has unexpressed potential,” said Bending Spoons CEO and co-founder Luca Ferrari in a statement. “We intend to invest significantly to help the product and the business flourish. Bending Spoons has never sold an acquired business — we’re confident we’re the right long-term steward for AOL, and look forward to serving its large, loyal customer base for many years to come.”
AOL’s exit signals a sharper focus for Yahoo’s core business
AOL’s sale marks a strategic turning point for Yahoo, allowing the company to sharpen its focus on its core digital products and future innovation. With Bending Spoons taking ownership of AOL, Yahoo can now redirect resources toward strengthening its flagship platforms and advancing its AI-powered experiences.
“AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth,” said Jim Lanzone, CEO of Yahoo Inc. “This transaction will allow us to focus more deeply on the aggressive roadmaps we have planned for Yahoo’s core products moving forward, while ensuring AOL continues to thrive under new ownership.”
Reed Rayman, chair of Yahoo’s board and partner at Apollo, echoed this sentiment, noting that Apollo’s 2021 acquisition of Yahoo spurred “transformational reinvestment in its digital media assets and consumer technology, producing strong performance across Yahoo’s properties.” He added, “We believe this transaction positions AOL well for its next phase, while Yahoo accelerates investment in its flagship properties and AI-powered experiences.”
AOL joins Bending Spoons’ long list of digital businesses
Founded in 1985 as Quantum Computer Services before rebranding to America Online (AOL), the company quickly became a pioneer of the early internet age, best known for its dial-up connections and the nostalgic “You’ve Got Mail” greeting. AOL ruled the online landscape throughout the 1990s, but its influence declined following the ill-fated Time Warner merger in 2001, one of the largest corporate deals in history. As broadband overtook dial-up, AOL’s dominance faded, prompting Time Warner to spin it off as an independent company in 2009.
Verizon Communications later acquired AOL in 2015 for about $4.4 billion, merging it with Yahoo to create Oath, which was later rebranded as Verizon Media. That era ended in 2021, when Apollo Global Management purchased Verizon Media — including both AOL and Yahoo — for $5 billion, renaming the group Yahoo Inc.
Now, AOL is changing hands once again, becoming part of Bending Spoons’ expanding digital empire. Just last month, the Milan-based tech firm announced a $1.38 billion cash deal to acquire video-hosting platform Vimeo, expected to close in the fourth quarter of 2025, pending approvals. Bending Spoons’ growing portfolio already includes Brightcove, Evernote, komoot, Meetup, Remini, StreamYard, and WeTransfer — a collection of platforms that together boast over 300 million monthly active users and 10 million paying customers worldwide.
Sources: Axios, The Wall Street Journal, Variety