Jim Lanzone, the CEO of dating app Tinder, was named CEO of Yahoo on Friday, two days after Apollo Global Management Inc finalised its acquisition of the online media business from Verizon Communications Inc.
The $5 billion acquisition of Verizon Media by Apollo was completed on September 1st and the company was renamed Yahoo after Verizon’s renowned digital brand. Other brands under the Verizon Media umbrella included AOL, TechCrunch, Makers, Ryot and Flurry.
Apollo is concentrating on new commercial strategies such as subscriptions to increase products like Yahoo Finance and Yahoo Sports, as well as advertising and e-commerce platforms.
Tinder’s parent company, Match Group Inc (MTCH.O), has chosen Renate Nyborg as its new CEO, succeeding Lanzone. Nyborg, who previously worked as Tinder’s general manager for Europe, the Middle East and Africa, is the first woman to hold the position since the app’s launch in 2012.
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Scott Kessler, analyst at investment research firm Third Bridge, says Lanzone is an excellent fit for Yahoo given his tenure with CBS Interactive where he spearheaded the company’s streaming services, including CBS All Access.
According to Alexa Internet, an online traffic research organisation, Yahoo.com is among the top five most visited websites in the United States and among the top 20 in the globe, competing with more recent but larger competitors such as Google and Facebook.
Guru Gowrappan, who ran Verizon’s media business since 2018 and is now a senior consultant to Apollo’s private equity company, has been replaced by Lanzone.
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