Verizon is spinning off AOL and Yahoo to the private equity firm Apollo in a deal valued at $5 billion.

PALO ALTO, CA – FEBRUARY 07: The AOL logo is posted on a sign in front of the AOL Inc. offices on February 7, 2011 in Palo Alto, California. Online company AOL Inc. announced today that it is purchasing online news website Huffington Post for $315 million. (Photo by Justin Sullivan/Getty Images)