Apollo Global Management, the global, high-growing asset manager that took over Yahoo from Verizon for $5 billion dollars in 2021, is looking into a merger plan between Yahoo Sports and an existing sports betting company in the industry. No details or drafts of the merger are available at the moment.
Yahoo is Having Preliminary Talks With Several Sports Betting Companies
Yahoo has started discussing the idea of a merger with a few different companies with a focus on sports betting. Among them, PointsBet Holdings, an Australian cloud-based betting company valued at $760 million. PointsBet provides top iGaming and ASX-listed sports betting services and products. Mixed with Yahoo’s experience as a fantasy sports provider, the likelihood of the new spin-off company attracting millions of crossover players making the switch to sports betting is pretty big.
An important talking point is strongly related to what would happen to the current partnerships that both Yahoo and PointsBet are running. The list includes PointsBet’s televised ad campaigns that were broadcast on a number of networks in collaboration with New Orleans Saints’ former quarterback Drew Brees, as well as the deal with Comcast’s NBCUniversal’s, Yahoo’s partnership with BetMGM, or Yahoo Sports’ partnership with LA Chargers’ Austin Ekeler.
Apollo Is Looking for Managers for the Yahoo Sports Unit
Apollo is also looking for new Yahoo Sports and Yahoo Finance managers to run the two units while looking forward to operating its own sportsbook in the near future. The new leaders would report Tinder’s former chief executive officer Jim Lanzone that was appointed Yahoo’s chief executive last September. Apollo also wants to extend and further rationalize Yahoo’s business. The acquisition of The Venetian Expo and The Venetian Resort in Las Vegas for $2.25 billion in February would further help Apollo obtain a smoother cross to the new Yahoo Sports spin-off company that would still hold on to Yahoo’s iconic brand elements. With legal sports betting on mobile gradually reaching more and more US states, the success of the potential merger between Yahoo Sports and a top sports betting company might not take long.