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Yahoo Nears $1.4 Billion Deal to Sell AOL to Italy’s Bending Spoons

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Yahoo is close to finalizing a deal to sell its AOL unit to Italian technology company Bending Spoons for about $1.4 billion, according to four sources familiar with the matter. The sale would mark the latest chapter in the decline — and reinvention — of one of the internet’s earliest giants.

The Milan-based app developer is in advanced negotiations to purchase AOL, the sources said, but cautioned that no final agreement has been signed, and the talks could still collapse.

Yahoo, owned by Apollo Global Management, did not respond to Reuters’ request for comment, while both Bending Spoons and Apollo declined to discuss the ongoing talks. Apollo acquired a 90% stake in Yahoo from Verizon in 2021 in a $5 billion deal.

FROM INTERNET ICON TO REVAMP OPPORTUNITY

Once the dominant force of the early internet, AOL was synonymous with the “You’ve Got Mail” era and played a defining role in the online revolution of the late 1990s. Its 2000 merger with Time Warner, then the largest corporate deal in history, ended in massive losses and regulatory scrutiny — symbolizing the collapse of the first dot-com boom.

A successful sale to Bending Spoons would be a fresh start for the AOL brand, adding its advertising and subscription-based services — including LifeLock, LastPass, and McAfee Multi Access — to the Italian company’s fast-expanding portfolio.

A source familiar with AOL’s recent performance said the company has seen 20% year-over-year website traffic growth, driven primarily by users aged 25 to 54, a shift from its traditionally older demographic. The rise is attributed to new content verticals such as Health, Science & Tech, Home & Garden, and True Crime.

BENDING SPOONS: EUROPE’S RISING TECH STAR

Founded in 2013 by Luca Ferrari, Bending Spoons has become one of Europe’s most prominent tech firms, known for acquiring struggling digital platforms and modernizing them. Its apps now attract 300 million monthly users worldwide.

The company was valued at $2.55 billion after a February 2024 funding round, earning it “unicorn” status — a rarity in Italy’s tech ecosystem.

Bending Spoons has recently been on an acquisition spree, purchasing WeTransfer earlier this year and agreeing to take Vimeo private for $1.38 billion in what is currently its largest deal.

Adding AOL’s global reach would further bolster the company’s ambitions and position it as a potential IPO candidate in the United States. CEO Luca Ferrari previously told Reuters that while no immediate plans exist for a public listing, the firm is “working to be ready” and looking to expand beyond Europe.

If completed, the $1.4 billion AOL acquisition would cement Bending Spoons’ role as a new European powerhouse reviving legacy internet brands for the AI and mobile era.

Elwood Edwards, Voice of AOL’s ‘You’ve Got Mail,’ Passes Away at 74

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Elwood Edwards, the voice behind the iconic AOL greeting “You’ve Got Mail,” has passed away at the age of 74 after a long illness, according to his former employer, Cleveland’s WKYC television station.

Edwards became a household name in the 1990s, thanks to his simple yet unforgettable voice recordings for AOL. In 1989, while working as a graphics and camera operator at WKYC, Edwards recorded four phrases for the fledgling company, then known as America Online: “Welcome,” “You’ve Got Mail,” “Files done,” and “Goodbye.” These phrases would go on to become synonymous with the AOL experience and be heard by millions around the world.

Edwards’ wife, Karen, worked for Quantum Computer Services (later known as AOL). In a 2012 YouTube video, he explained that she overheard AOL’s co-founder, Steve Case, discussing the need for a voice to accompany the new software. Karen volunteered her husband, and Edwards recorded the lines in his living room on a simple cassette deck.

“I had no idea it would become what it did,” Edwards said in a 2019 interview. “Suddenly, AOL took off… I remember standing in line at CompUSA and seeing stacks of AOL CDs, thinking, ‘my voice is on every one of those, and nobody has a clue.’”

Before his voice became a staple of the internet era, Edwards worked behind the scenes at WKYC, where he was a jack-of-all-trades. He was known for his role as a graphics operator and camera technician, and for sharing his expertise with colleagues. Frank Macek, senior broadcast director at WKYC, remembered Edwards fondly for his generosity in teaching new systems to his peers.

As his voice became inseparable from AOL’s rise, Edwards found himself becoming a local celebrity, recognized by fans and colleagues alike. He even made appearances on popular shows, including “The Tonight Show Starring Jimmy Fallon,” where he would pronounce random phrases suggested by the audience.

Originally from New Bern, North Carolina, Edwards began his career in high school radio before transitioning to television booth announcing and hosting a radio show. However, despite his iconic voice, Edwards was more comfortable working behind the scenes than in front of the camera, a preference he shared in interviews.

Edwards leaves behind a legacy as the unintentional voice of a generation and the person behind a line that became part of internet culture forever.