Yahoo, owned by Apollo Global Management, is in advanced talks to sell AOL to Milan-based technology firm Bending Spoons for about $1.4bn, according to sources familiar with the matter cited by Reuters.

The deal, which has not yet been finalised, would mark a new chapter for one of the internet’s most recognisable early brands. AOL, famous for its email service and “You’ve Got Mail” notification, was once valued at the heart of the $165bn Time Warner merger in 2000, a transaction that became a symbol of the dot-com bubble.

Apollo acquired a 90% stake in Yahoo from Verizon in 2021 in a $5bn deal. A sale of AOL would represent a major divestment from Yahoo’s portfolio under Apollo’s ownership.

Bending Spoons has emerged as one of Europe’s fastest-growing tech companies, with 300m monthly users across its app portfolio. It has been pursuing an aggressive M&A strategy, acquiring file-sharing service WeTransfer and, most recently, taking video platform Vimeo private in a $1.38bn transaction. The Italian firm was valued at $2.55bn in a 2024 funding round and is seen as a candidate for a future US IPO.

Despite being considered a legacy brand, AOL still generates revenue from advertising and subscription services, including LifeLock identity protection, LastPass password management, and McAfee Multi Access. Its website traffic has grown 20% year-on-year among users aged 25–54, supported by new content categories such as health, science, and true crime.

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