In this June 12, 2012 file photo, the Verizon logo is seen at Verizon store in Mountain View, Calif. (Photo: AP)

Verizon announced Monday the sale of its media division to Apollo Global Management for $5 billion, creating a new company that will known by one of the iconic brands of the internet age: Yahoo.

Verizon will retain a 10 percent stake in the company, which will continue to be led by CEO Guru Gowrappan, the company said in a statement.