deally, identity theft will never happen to you, and we’ll do our best to make sure that it doesn’t. But in the unfortunate event that it does, IDShield has Licensed Private Investigators to provide the best identity restoration possible. If you’re a victim of identity theft, our dedicated licensed investigators will perform comprehensive restoration services using a Limited Power of Attorney, along with access to private resources using specialized credentials, for as long as it takes to restore your identity to pre-theft status.

Bryan, why do you personally recommend LegalShield?

After a lifetime of RV life, I understand the worry that can come with the lifestyle. Protecting my family is a top priority. If we ever get bad news (and we do—more often than we’d like), we have a place to turn to find out the best options for safeguarding our family and all we’ve worked for.

For us, LegalShield has kept our wheels turning. On the road, our attorneys have provided the peace of mind and assistance our family has needed to get through more sticky situations than I can count.

There was the time when one of our teenagers was rear-ended in a five-car pile-up on the interstate in Minnesota. He opened up the LegalShield App on his phone just after the accidents happened and had an attorney on the phone before the police arrived. The attorney stayed with him on the line, reviewed accident photos, offered counsel and kept him calm amidst the commotion. Even when we weren’t there to help, we had the peace of mind knowing there was someone looking out for him.

Most recently, an auto repair shop in Texas claimed they replaced and fixed some air conditioning components to the tune of $1,200 on our minivan. Two weeks later, it was out of service again, and we discovered the repair shop didn’t do what we paid for. A second shop had to correct the problem. LegalShield was able to aid in getting a refund for the original false repair. Without the power of LegalShield and the power of having an attorney working on our behalf, we likely would have been out of that $1,200.

Our “Caboose”, the youngest of five, was born in a border town deep in south Texas, 1500 miles from our sticks and bricks. Our insurance company wasn’t too happy. They tried to deny the claim and said we were “out of network.” LegalShield told us to enjoy and bond with our new son and they would handle it. Another happy ending. Admittedly, we have been browsing on sites like the to find alternatives. We can’t stand being treated like that, we are good clients.

On top of those temporary headaches, we’ve also found incredible value in LegalShield’s MemberPerks, an included program that’s more than paid for the monthly membership on its own since we became members.  We save BIG on our cell phone bill, printing jobs at OfficeDepot, Advance Auto, car rentals, movie tickets, amusement parks, and a whole lot more.

The list of times LegalShield has protected us, saved us money, aided us, supported us and given us peace of mind on the road goes on…and on…and on. That’s why I believe in the service and recommend it to just about everybody I know.

If I become a member, how do I access legal advice and counsel?

LegalShield empowers Fulltime Families every mile of the way and in every place along the way. No matter what trouble you encounter and no matter where you are, your LegalShield team is a mere phone call or tap-on-the-app away from finding you a resolution. Members can contact an attorney for any reason and never receive a bill no matter how many times you use your membership benefits. Individuals, families and small businesses have access to benefits and attorneys 24/7/365 in all 50 states and in four Canadian provinces.

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M7 Group to broadcast esportsTV channel in multiple European markets


  • MTG signs agreement with M7 Group, one of Europe’s largest satellite and IPTV operators
  • ESL’s esportsTV channel to be available in the Nordics, the Baltics, the Netherlands, Belgium, the Czech Republic and Slovakia
  • Next up is live coverage of ESL One New York in October, the East’s Coast’s largest and most anticipated esports event

MTG and M7 Group have concluded an agreement to make ESL’s esportsTV channel available in HD quality from 27 September on M7 Group’s satellite TV platforms in the Netherlands (Canal Digitaal), Belgium (TV Vlaanderen), the Czech Republic and Slovakia (Skylink), with more platforms to follow. esportsTV was launched in May 2016 as the world’s first 24/7 dedicated esports channel, and is already available on MTG’s Nordic and Baltic Viasat satellite platforms, and through third party distributors including Telenor, Com Hem, Telia and Waoo.

The channel is operated by MTG-owned ESL, the world’s leading esports company and the brand behind the most popular esports competitions and live mega events in the ESL One, Intel® Extreme Masters and Pro League series. esportsTV brings viewers thousands of hours of live content, featuring the leading esports stars and teams and coverage of the leading professional esports leagues and international tournaments. The content line-up includes ESL’s professional circuits, which generate hundreds of millions of views online every year on platforms such as Twitch, Azubu, Hitbox and Yahoo. Find out more at

Jørgen Madsen Lindemann, President and CEO, MTG: “Esports is the world’s fastest growing professional sport and is expected to engage more than 250 million people already this year. It is also a hugely popular entertainment format that is pulling in massive online viewing and attracting big stadium audiences around the world, and esportsTV will raise awareness levels even further.”

Bill Wijdeveld, VP of Business Development, M7 Group: “We are very excited to have an agreement with MTG that allows us to offer esportsTV with content from the largest and most important tournaments around the world. Moreover, the launch of esportsTV fits very well with our strategy to broaden our content portfolio and thereby address new and under-served audiences.”

Arnd Benninghoff, CEO, MTGx “There is so much great content to share and this new partnership with M7 Group will bring the excitement of esports to even more TV homes and devices. The channel is attracting interest from everywhere and provides viewers with 24/7 access to esports coverage from around the world.”

The agreement also includes the possibility for MTG to deliver the channel to other third-party distributors through the same satellite feed, increasing the technical penetration of esportsTV in Europe.

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Liberty Media Corporation Agrees to Acquire Formula One


  • Transaction price represents enterprise value for Formula One of $8.0b
  • Chase Carey appointed as Chairman; Bernie Ecclestone to remain CEO
  • Initial sale of 18.7% minority stake in Formula One, with 100% sale subject to satisfaction of conditions

ENGLEWOOD, Colo. & LONDON–(BUSINESS WIRE)– Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) and CVC Capital Partners (“CVC”) announced today that Liberty Media has agreed to acquire Formula One, the iconic global motorsports business, from a consortium of sellers led by CVC.

Liberty Media owns interests in a broad range of media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Liberty Braves Group, and the Liberty Media Group.

The consideration comprises cash and newly issued shares in the Liberty Media Group tracking stock (LMCK) and a debt instrument exchangeable into shares of LMCK. The transaction price represents an enterprise value for Formula One of $8.0 billion and an equity value of $4.4 billion(1).

The acquisition will be effected by Liberty Media acquiring 100% of the shares of Delta Topco, the parent company of Formula One (Delta Topco herein referred to as “Formula One”)(2). The acquisition is subject to the satisfaction of certain conditions and is described in more detail below.

Concurrent with the execution of the agreement to effect the acquisition, Liberty Media has completed the acquisition of an 18.7% minority stake in Formula One for $746 million, funded entirely in cash (which is equal to $821 million in consideration less a $75 million discount to be repaid by Liberty Media to selling stockholders upon completion of the acquisition). Prior to completion, CVC Funds will continue to be the controlling shareholder of Formula One.

After completion of the acquisition, Liberty Media will own Formula One and it will be attributed to the Liberty Media Group which will be renamed theFormula One Group. The consortium of sellers led by CVC will own approximately 65%(1)(3) of the Formula One Group’s equity and will have board representation at Formula One to support Liberty Media in continuing to develop the full potential of the sport. In addition, a CVC representative will be joining the Liberty Media Board of Directors.

Chase Carey has been appointed by Delta Topco and will serve as the new Chairman of Formula One, succeeding Peter Brabeck-Letmathe, who will remain on Formula One’s board as a non-executive director. Bernie Ecclestone will remain Formula One’s CEO.

Greg Maffei, President and Chief Executive Officer of Liberty Media, said: “We are excited to become part of Formula One. We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders. We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport.”

Chase Carey, Chairman of Formula One, said: “I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongsideBernie Ecclestone, CVC, and the Liberty Media team. I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike.”

Bernie Ecclestone, Chief Executive Officer of Formula One, said: “I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them.”

Donald Mackenzie, Co-Chairman of CVC, commented: “We are delighted Chase Carey is joining Formula One as its new Chairman and that he will be working alongside Bernie Ecclestone. Chase’s experience and knowledge of sport, media and entertainment is as good as it gets and we are very pleased to secure his services. Bernie has been a wonderful CEO for us over the last 10 years. There have been many successes and the occasional challenge but there has never been a dull moment and we have had a lot of fun. The combined skills of Chase and Bernie mean that the successes should continue and we wish them well. We would like to thank Peter Brabeck-Letmathe for his outstanding contribution during his tenure as Chairman. His leadership has served the company well, and we are pleased that he will remain on the board as a non-executive director.”

In the acquisition the selling stockholders will receive a mix of consideration comprising: $1.1 billion in cash, 138 million newly issued shares of LMCK and a $351 million exchangeable debt instrument to be issued by Formula One and exchangeable into shares of LMCK. Funding for the cash component of the acquisition is expected to come from cash on hand at the Liberty Media Group. The newly issued LMCK shares will be subject to market co-ordination and lock-up agreements.

The Teams will be given the opportunity to participate in the investment in Formula One, and the detailed terms of that investment will be agreed in due course. Certain teams have already expressed an interest in investing after completion of the acquisition.

The interest in Formula One already acquired by Liberty Media, and the remaining interest to be acquired upon the closing of the acquisition, along with$4.1 billion of existing Formula One debt (which will be non-recourse to Liberty Media) and $0.7 billion in Formula One cash, is being attributed to theLiberty Media Group tracking stock.

Upon completion of the acquisition, the Liberty Media Group will be renamed the Formula One Group and the ticker symbols for the Series A, Series B and Series C Liberty Media Group tracking stocks will be changed from LMC (A/B/K), respectively, to FWON (A/B/K), respectively. Formula One will remain based in London.

The completion of the acquisition is subject to certain conditions, including the receipt of: (i) certain clearances and approvals by antitrust and competition law authorities in various countries, (ii) certain third-party consents and approvals, including that of the Fédération Internationale de l’Automobile, the governing body of Formula One, and (iii) the approval of Liberty Media’s stockholders of the issuance of LMCK shares in connection with the acquisition and the name change of the Liberty Media Group to the Formula One Group, and is expected to close by the first quarter of 2017. Additional information regarding the acquisition and Formula One will be included in a proxy statement to be filed by Liberty Media with the Securities and Exchange Commission relating to the matters to be voted upon by Liberty Media’s stockholders described above.

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Sky has invested €4 million in Molotov, an over-the-top video platform in France that distributes free and pay TV channels and content to consumers via a freemium model. This investment is part of a larger Molotov financing round and is the latest in a series of Sky investments in innovative start-up companies.

Molotov was founded in 2014 by JeanDavid Blanc (founder of AlloCiné), Pierre Lescure (founder of Canal+ and President of the Cannes Film Festival) and Jean-Marc Denoual (former senior executive at TF1 Group). Molotov’s ambition is to become a leading OTT aggregator and distributor of TV content for consumers. Molotov also provides a new distribution platform for TV channels and content owners. The company launched its first publicly available service in July 2016.

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Facebook’s ads have been defeated (again) by Adblock Plus work-around


How your Facebook feed should look with the new filter, according to Adblock Plus
Photo by: Adblock Plus

Two days ago Facebook had taken steps “the dark path,” and decided to start forcing ad-blocking users to see ads on its desktop site. We promised that the open source community would have a solution very soon, and, frankly, they’ve beaten even our own expectations. A new filter was added to the main EasyList about 15 minutes ago. You’ll just need to update your filter lists (see below for how).

If you want to manually add the filter, here is the code you need:[id^="substream_"] ._5jmm[data-dedupekey][data-cursor][data-xt][data-xt-vimpr="1"][data-ftr="1"][data-fte="1"]

As many of your know, the filter lists that “tell” Adblock Plus what to block are in fact the product of a global community of web citizens. This time that community seems to have gotten the better of even a giant like Facebook.

So apparently, you don’t want no problems with the ad-blocking community … (Just kidding, Big Z … please don’t destroy me with your blue and white drones).

What you need to do to start re-blocking ads on Facebook

Update your filter lists now. If you don’t know how to do that, here is a tutorial. That’s it. Now just go to Facebook on your desktop, and things should go back to normal.

… or just wait for a day or so, then the filter list will be updated automatically.

This is still a cat-and-mouse game

Facebook might “re-circumvent” at any time. As we wrote in the previous post, this sort of back-and-forth battle between the open source ad-blocking community and circumventers has been going on since ad blocking was invented; so it’s very possible that Facebook will write some code that will render the filter useless — at any time. If that happens, the ad-blocking community will likely find another workaround, then Facebook might circumvent again, etc.

Also, you should be aware that this filter has not been heavily tested, so if you think it’s blocking more/less than it should let us/EasyList know.

But for this round of the cat-and-mouse contest, looks like the mouse won.

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BBC weekly audience in Africa rises to a record 111 million

The BBC now reaches 111 million people across all media platforms in Africa via the BBC World Service, the BBC World News TV channel and as well as the international development charity BBC Media Action.

The BBC provides content in Arabic, English, French, Hausa, Kinyarwanda/Kirundi, Somali and Swahili across the continent and to diaspora audiences around the world. African audiences make up the largest share of the BBC’s global audience for its news services which currently reaches 320 million people.

The dedicated BBC Africa hub, which delivers content for sub-Saharan Africa and diaspora audiences, brings news and features in inventive, accessible ways such as via the daily Africa live page and as well as regular TV and radio bulletins and programmes. In addition the BBC reaches a new online audience via many social media outlets and mobile platforms, creating clickable and shareable content delivered by its reporters across Africa. These include Twitter, Facebook, Google +,Instagram, Soundcloud and YouTube.

Tim Pemberton, BBC Africa Executive Editor says: “We are committed to Africa and the African audience and are proud of the array of talented broadcasters that we have working for BBC Africa. We are dedicated to the impartiality that makes us stand out from other broadcasters and it is wonderful to see the audience responding to this. The continent has a new, young, switched on generation and the BBC will continue to be at the heart of new media and digital innovation.”

There have been notable increases in audience numbers for the BBC’s African language services in the past year. The biggest has been for BBC Hausa which now reaches a weekly audience of 23.3 million – an increase of 5.2 million from last year.

The new BBC’s Global Audience Measure of two African countries also show impressive new figures. In Uganda, 1 in 5 adults (15 and older) consume BBC content each week – this is an 11% rise in the percentage of the population reached by the BBC on a weekly basis. In Sierra Leone, the BBC World Service Group reaches 65 percent of the population.

2016 global weekly audience figures for the BBC Africa hub on all platforms:
BBC Afrique – 14.8 million
BBC Great Lakes (Kinyarwanda/Kirundi) – 3.2 million
BBC Hausa – 23.3 million
BBC Somali – 3.6 million
BBC Swahili – 17.2 million

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Sky and Channel 4 co-invest for stake in TV rights venture TRX


Dial Square 86 Limited, the holding company for The RightsXchange Limited (“TRX”), has announced today that Sky and Channel 4’s Indie Growth Fund have invested in the company’s latest financing round, which will raise up to £5.2m for TRX.

TRX is a new global online deal-making tool that enables TV rights buyers and sellers from around the world to connect and complete licensing deals entirely online. It enables distributors to reach buyers in new international markets, who in turn gain access to British, American and other TV rights that would previously have been difficult to secure.  It soft launched in Asia last month and already has in excess of 5,000 hours of programming available from key UK and US distributors and rights holders such as Sky Vision, Discovery Communications, All3Media International, Hat Trick International and Sesame Workshop.

Sky and Channel 4 will each take an undisclosed minority stake in Dial Square 86 Limited, which was established in 2014 by former RDF Media founders and Zodiak Media executives, David and Matthew Frank. This funding round also includes investment from private individuals (many of whom have participated in previous rounds). TRX has an Advisory Board of key industry figures including John McVay, CEO of PACT, Stephen Lambert, founder and CEO of Studio Lambert and Nadine Nohr, former CEO of Shine International.

The deal marks the first time Sky and Channel 4 have co-invested in a start-up. The partnership with TRX is the latest example of Sky taking equity shares in innovative companies, enabling the exchange of new ideas and insights. Sky’s production and distribution arm, Sky Vision, will also use the TRX deal-making tool, helping to develop its suite of enterprise tools and grow the TV rights market. It is the latest digital business venture for Channel 4’s Indie Growth Fund, led by Laura Franses, which is using its £20m facility to back this valuable resource for indie TV rights holders and thereby supporting the future health of the UK indie sector.

David Frank, CEO Dial Square 86 Limited and Chairman TRX said: “We are absolutely delighted that two of the UK’s leading content players with such reputations for innovation and excellence have decided to back what we are doing. There is real momentum behind TRX now and we’re excited about launching a truly global product that can make programme distribution faster and easier while opening up the TV rights market to previously disenfranchised buyers and delivering extra value to rights holders.”

Emma Lloyd, Group Business Development Director, Sky said: “This latest investment reflects our ambition to partner with pioneering start-ups that can help transform the TV landscape. We’re delighted to be backing such an innovative UK-based company, with its roots firmly in the creative sector. Together with Channel 4, we can help TRX to grow the TV rights market, which will benefit everyone in the industry.”

David Abraham, Chief Executive of Channel 4 said: “In post-Brexit Britain, it’s even more important for the UK’s creative industries to have access to innovative ways of trading across the globe. We recognise that the new TRX tool is a valuable online resource which will enable indies to connect with the world and export their programmes in a digital marketplace and will help support a buoyant UK indie sector well into the future.”

On TRX entire TV rights licensing deals can be completed securely online. TRX aggregates rights from multiple rights holders in one place making it easier for buyers to find the right programmes for their audiences and make offers to acquire programmes. TRX also provides a suite of enterprise tools which allows sales, legal and delivery teams to collaborate on and manage complicated deals.

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Bridgepoint Development Capital to acquire in transaction totalling £52 million, the specialist online travel agent serving the UK ocean cruise market, is to be acquired by Bridgepoint Development Capital from Risk Capital Partners in a transaction totalling £52 million.

Originally part of Carnival Corporation from which it spun out in 2007, the company is based in the Midlands, employs 170 people and is the leading online player in its space thanks to a strongly differentiated proposition and its content driven website and highly personal customer service. It also has a market-leading social media presence and online cruise review forum with over 110,000 members and 17 million web visits per annum.

The business has demonstrated strong growth, delivering sales and EBITDA CAGR of 23% and 30% respectively over the last three years.  In 2015 turnover grew by 15% to £104.5 million.  The company also enjoys industry leading repeat rates of business.

The UK ocean cruise market is the second largest globally (after the US) whose value is forecast to grow from £2.5 billion in 2015 to £3.0 billion in 2019 and has been resilient across cycles. The market benefits from several favourable demand and supply characteristics that include a growing customer demographic with increasing wealth, life expectancy and propensity to travel, as well as an increasing supply of cruises from cruise lines themselves.

Adrian Willetts, partner of Bridgepoint Development Capital, said: “ is an opportunity to invest in a market leading consumer business that has shown strong defensive characteristics and benefits from strong market trends that will underpin its ambitious growth plans. It has grown impressively and we will seek to maintain and enhance its trusted expert reputation as we work with management to accelerate business growth through acquisitions and drive further value through digital and marketing expertise.”

Seamus Conlon,‘s managing director, added: “We’re delighted to welcome Bridgepoint as a new partner and shareholder to help us take our business forward in its next stage of development. Their financial and operational expertise will power our ambitions, particularly as we look to expand internationally.”

Senior debt financing for the transaction was provided by Royal Bank of Scotland. Advisers involved included: for Bridgepoint – KPMG (Corporate finance, tax, financial diligence), Eversheds (legal), OC&C (commercial), Intuitus (IT), ERM (ESG), Marsh (insurance) and White Hart Associates (regulatory); for the vendor (Risk Capital Partners) – BDO (corporate finance), CMS (legal), Armstrong (commercial), and Deloitte (financial); for management – Altium.

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Time Warner Joins Hulu as Equity Owner and Signs Affiliate Agreement for New Hulu Live-Streaming Service to Carry Turner Networks


New York, NY and Santa Monica, CA, August 3, 2016 – Time Warner Inc. and Hulu LLC announced today that Time Warner will become a 10% owner of Hulu, the premium streaming TV service that offers the best of current season programming, premium original content, films and full seasons of hit series. Time Warner joins The Walt Disney Company, 21st Century Fox, and Comcast in the joint venture.

The investment in Hulu reflects Time Warner’s continued commitment to supporting innovative digital services that allow consumers to access high-quality content however they want it across a variety of platforms.

It was also announced that Turner’s powerful entertainment, sports, news and kids networks including TNT, TBS, CNN, Cartoon Network, Adult Swim, truTV, Boomerang and Turner Classic Movies will be available live and on-demand on Hulu’s new live-streaming service, which is slated to launch early next year. With no set-up costs or installation, Hulu’s new service will offer an intuitive and personalized interface, and instant access to live and on-demand content, across hundreds of living room and mobile devices.

Hulu will continue its current offering of ad-supported and ad-free subscription video on demand products to complement both traditional pay TV packages as well as the new streaming service. The company also remains focused on acquiring iconic and award-winning programming like Empire, Homeland, Seinfeld, Curious George, South Park and Fear The Walking Dead, as well as creating original programming that builds upon its success with shows such as The Mindy Project, The Path, Difficult People, 11.22.63 and the Golden Globe® -nominated Casual.

Jeff Bewkes, Chairman and CEO of Time Warner said, “Our investment in Hulu underscores Time Warner’s commitment to supporting and developing new platforms for the delivery of high-quality content and great consumer experiences to audiences around the globe.”

Mr. Bewkes continued: “We’re also excited to join Hulu’s other owners in launching a new consumer-friendly package featuring leading networks that will deliver more value to audiences and complement Hulu’s core SVOD offerings. The inclusion of Turner’s networks in Hulu’s new streaming service furthers our efforts to allow consumers to engage with and enjoy our brands across a wide range of platforms and services.”

Mike Hopkins, CEO of Hulu, said, “This investment from Time Warner marks a major step for Hulu as we continue to redefine television for both consumers and advertisers. Our two companies have long enjoyed a productive relationship – which includes the availability of past seasons of popular Turner shows on our current SVOD offerings – and we are very proud that Turner’s networks will be included in our planned live streaming service.”


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Verizon to acquire Yahoo’s operating business

Transaction will create a new rival in mobile media technology reaching over 1B users* with an unrivaled roster of the world’s most beloved brands

BASKING RIDGE, NJ, and SUNNYVALE, Calif. – July 25, 2016 – Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) today announce they have entered into a definitive agreement under which Verizon will acquire Yahoo’s operating business for approximately $4.83 billion in cash, subject to customary closing adjustments.

Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** — including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also connects advertisers with target audiences through a streamlined advertising technology stack that combines the power of their data, content and technology.

“Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers. The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising.”

Lowell McAdam, Verizon Chairman and CEO

Yahoo will be integrated with AOL under Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon.

“Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL. The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo. This transaction also sets up a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising and social.”

Marissa Mayer, CEO of Yahoo

Mayer added, “Yahoo and AOL popularized the Internet, email, search and real-time media. It’s poetic to be joining forces with AOL and Verizon as we enter our next chapter focused on achieving scale on mobile. We have a terrific, loyal, experienced and quality team, and I couldn’t be prouder of our achievements to date, including building our new lines of business to $1.6 billion in GAAP revenue in 2015. I’m excited to extend our momentum through this transaction.”

“Our mission at AOL is to build brands people love, and we will continue to invest in and grow them. Yahoo has been a long-time investor in premium content and created some of the most beloved consumer brands in key categories like sports, news and finance.”

Tim Armstrong, CEO of AOL

Under Armstrong, AOL has invested in and grown global premium brands, including The Huffington Post, TechCrunch, Engadget, MAKERS and, and market-leading programmatic platforms — including ONE by AOL for both advertisers and publishers.

Armstrong added, “We have enormous respect for what Yahoo has accomplished: this transaction is about unleashing Yahoo’s full potential, building upon our collective synergies, and strengthening and accelerating that growth. Combining Verizon, AOL and Yahoo will create a new powerful competitive rival in mobile media, and an open, scaled alternative offering for advertisers and publishers.”

The addition of Yahoo to Verizon and AOL will create one of the largest portfolios of owned and partnered global brands with extensive distribution capabilities. Combined, AOL and Yahoo will have more than 25 brands in its portfolio for continued investment and growth. Yahoo’s key assets include market-leading premium content brands in major categories including finance, news and sports, as well as one of the most popular email services globally with approximately 225 million monthly active users****. Additional technology assets in the advertising space include Brightroll, a programmatic demand-side platform; Flurry, an independent mobile apps analytics service; and Gemini, a native and search advertising solution.

The deal is subject to customary closing conditions, approval by Yahoo’s shareholders, and regulatory approvals, and is expected to close in Q1 of 2017. Until the closing, Yahoo will continue to operate independently, offering and improving its own products and services for users, advertisers, developers and partners.

Verizon will generally issue cash-settled Verizon RSUs for Yahoo RSUs that are outstanding at the close.

The sale does not include Yahoo’s cash, its shares in Alibaba Group Holdings, its shares in Yahoo Japan, Yahoo’s convertible notes, certain minority investments, and Yahoo’s non-core patents (called the Excalibur portfolio). These assets will continue to be held by Yahoo, which will change its name at closing and become a registered, publicly traded investment company. Yahoo will provide additional information about the investment company at a future date.
Transaction will create a new rival in mobile media technology reaching over 1B users* with an unrivaled roster of the world’s most beloved brands.

Yahoo intends to return substantially all of its net cash to shareholders and will determine and communicate a specific capital return strategy at an appropriate time.

LionTree Advisors, LLC, Allen & Company LLC, Bank of America Merrill Lynch and Guggenheim Securities, LLC are acting as financial advisors to Verizon. Wachtell, Lipton, Rosen & Katz, Gibson, Dunn & Crutcher LLP, Covington & Burling LLP and Winston & Strawn LLP are acting as legal advisors to Verizon.

Goldman, Sachs & Co., J.P. Morgan Securities LLC and PJT Partners are acting as financial advisors to the Yahoo Board and its Strategic Review Committee. Skadden, Arps, Slate, Meagher & Flom LLP, Wilson Sonsini Goodrich & Rosati and Weil Gotshal & Manges LLP are acting as legal advisors to Yahoo. Cravath, Swaine & Moore LLP is independent legal advisor to Yahoo’s Strategic Review Committee.

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