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Verizon Communications Inc.
VZ,
is exploring a sale of assets including Yahoo and AOL, as the telecommunications giant looks to exit an expensive and unsuccessful bet on digital media.
The sales process, which includes private-equity firm Apollo Global Management Inc.
APO,
could lead to a deal worth $4 billion to $5 billion, according to people familiar with the matter—assuming there is one. Other details couldn’t be learned.
