Yahoo’s parent company Apollo Global Management is reportedly in advanced discussions to sell AOL to Italian technology firm Bending Spoons for about $1.4 billion. If finalized, the deal would mark another major chapter in the long history of AOL, once a symbol of the early internet era.

The deal in motion

According to people close to the matter, negotiations are progressing but no binding agreement has been signed. This means the deal could still change or fall through. For Apollo, which acquired Yahoo (and AOL as part of Verizon Media) in a $5 billion deal back in 2021, the potential sale is part of a strategy to streamline assets and refocus on growth opportunities.

AOL's Surprising Traffic Engine

Despite its reputation as an internet relic, AOL remains a significant digital property with active revenue streams. The company continues to generate advertising and subscription income, supported by services such as LifeLock, LastPass, and McAfee Multi Access. Recent reports also show a surprising demographic shift: traffic to AOL websites grew around 20% year-on-year among users aged 25–54, compared to much slower growth among its older base.

That younger audience makes AOL a more attractive asset than many assume. For Bending Spoons, known for acquiring and revitalizing tech assets, this presents a chance to leverage a global brand with lingering recognition while expanding its own portfolio.

Why Bending Spoons is interested

Milan-based Bending Spoons has built a reputation for acquiring underperforming but established digital platforms, then reworking them to fit today’s app-driven ecosystem. The company has made previous plays for assets like WeTransfer and Vimeo, signaling a strategy of growth through bold acquisitions. Adding AOL to its portfolio would give Bending Spoons an international brand presence far larger than its current footprint.

Turning a Legacy Brand into Profit

As with any large acquisition, execution risk looms large. AOL’s brand recognition is powerful, but turning nostalgia into sustained revenue growth is a challenge. Regulatory scrutiny is also a possibility, given the size of the deal and AOL’s advertising reach. Finally, the ultimate value of the transaction depends on how much of AOL’s infrastructure and user base can be modernized without dragging down costs.

Still, the price tag of $1.4 billion signals that Bending Spoons sees meaningful potential in AOL’s assets. For Apollo and Yahoo, the sale would represent a strategic exit, freeing up resources for new bets in digital media and advertising technology.

For now, the deal remains unconfirmed, but if it closes, it will be one of the most notable tech acquisitions of 2025, both for what it says about the enduring value of legacy internet brands and for the ambitions of Europe’s rising tech players.