AOL, once a dominant force in the early internet era, is set to begin a new chapter under the ownership of Bending Spoons, a Milan-based technology company known for acquiring and revitalizing legacy digital brands. The acquisition, valued at approximately $1.5 billion, was confirmed by multiple sources and is expected to close by the end of 2025, pending regulatory approvals and customary closing conditions.
The deal sees Bending Spoons purchasing AOL from Apollo Global Management, which acquired AOL as part of its $5 billion purchase of Yahoo from Verizon in 2021. AOL remains a sizable business, generating around $400 million in annual EBITDA and over $500 million in revenue. It currently serves 8 million daily active users and 30 million monthly active users through its email services, news portal, and gaming content.
The acquisition follows AOL’s official exit from its dial-up internet business on September 30, closing a chapter that once defined the company’s identity. Luca Ferrari, CEO and co-founder of Bending Spoons, described AOL as “an iconic, beloved business that’s in good health and has stood the test of time.” He emphasized the company’s commitment to long-term stewardship:
We intend to invest significantly to help the product and the business flourish. Bending Spoons has never sold an acquired business—we’re confident we’re the right long-term steward for AOL and look forward to serving its large, loyal customer base for many years to come.
Bending Spoons has built a reputation for acquiring and transforming digital businesses. Its portfolio includes Evernote, Meetup, Brightcove, StreamYard, Remini, WeTransfer, and most recently, Vimeo, which it agreed to acquire for $1.38 billion in an all-cash deal.
To fund the AOL acquisition and future M&A activity, Bending Spoons secured a $2.8 billion debt financing package from a consortium of global banks, including Goldman Sachs, J.P. Morgan, BNP Paribas, HSBC, Mizuho, and Crédit Agricole CIB, among others.
Ferrari noted that the financing reflects strong institutional confidence in Bending Spoons’ strategy:
This financing strengthens our ability to continue acquiring and transforming digital businesses worldwide with a long-term view.
Jim Lanzone, CEO of Yahoo Inc., commented on the sale:
AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth. This transaction allows us to focus more deeply on the aggressive roadmaps we have planned for Yahoo’s core products.
Reed Rayman, Chair of Yahoo’s Board and Partner at Apollo, added:
Since acquiring Yahoo in 2021, we’ve driven transformational reinvestment in its digital media assets. We believe this transaction positions AOL well for its next phase, while Yahoo accelerates investment in its flagship properties and AI-powered experiences.
Founded in 1985 as Quantum Computer Services, AOL became America Online in 1989 and played a pivotal role in bringing internet access to millions. Its infamous $350 billion merger with Time Warner in 2001 remains one of the most scrutinized deals in corporate history. That merger was unwound in 2009, and AOL changed hands multiple times before landing with Apollo.
With Bending Spoons at the helm, AOL is poised for a strategic revival, one that blends its legacy with modern digital infrastructure and user experience innovation.
