Yahoo is getting closer to reselling AOL to Italian technology company Bending Spoons for around $1.4 billion. The deal marks a major turning point for the once-famous internet giant, which was known for its email services and "You've Got Mail" announcements.
Sources say that Bending Spoons, based in Milan, is in the advanced negotiation stage to buy back this long-standing media brand.
However, they stressed that the deal had not yet been formally signed, and that negotiations could still change.
Yahoo is now owned by Apollo Global Management, which bought a 90% stake from Verizon in 2021 for $5.5 billion. Yahoo and Bending spoons both declined to comment on the information.
AOL was the focus of the largest merger in history when it merged with Time Warner in 2000.
This famous deal led to investigations by regulators and caused stock prices to drop sharply.
Now, the transfer of AOL to Bending Spoons is seen as an opportunity for the brand to be restructured and developed in the new digital era.
Bending Spoons has emerged as one of Europe's leading technology companies, notably its strategy of acquiring technology companies that are struggling and restructuring them.
In February 2024, the company completed a valuation round of $2.55 billion, becoming one of the few technology legends in Italy.
By taking over AOL, Bending spoons will add a huge user base and a diverse portfolio of services, including LifeLock (identity protection), Last Pass (password management) and McAfee Multi Access (malware protection).
AOL's joining of Bending Spoons' ecosystem is expected to expand mobile user reach, increase revenue from advertising and subscription services, and mark an important step forward for the Italian company on the global technology map.
