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Apollo-Yahoo group trims TBLA stake via issuer buyback, stays below 25%

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

SEC Form 4 overview (06/23/2025) – Taboola.com Ltd. (TBLA)

Apollo Management Holdings GP, LLC and a group of related entities (including College Top Holdings, Yahoo, Inc. and various Apollo funds) – all classified as 10% owners/directors – reported a disposition of 222,373 non-voting ordinary shares at $3.59 per share. The transaction is coded “J” and, per Footnote 1, represents sales back to the issuer under Taboola’s share-repurchase program intended to keep the group’s ownership below the 25% threshold.

After the sale, the reporting persons continue to hold 32,851,500 non-voting ordinary shares and 39,525,691 ordinary shares indirectly. No derivative activity was reported in Table II.

The gross value of the shares disposed (222,373 × $3.59) is roughly $0.8 million, a modest figure relative to the group’s remaining position. Given the administrative nature of the sale and the minimal percentage of total holdings affected, the filing appears neutral from a valuation standpoint but noteworthy for confirming the company’s ongoing buyback activity.

Positive

  • Issuer share-repurchase program in effect, demonstrating Taboola’s willingness to return capital and manage share structure.
  • Reporting group retains large equity stake (over 72 million shares combined), signalling continued long-term alignment.

Negative

  • Insider group disposed of 222,373 non-voting shares, a technical sale that still represents reduced share count.

Insights

TL;DR: Administrative insider sale tied to buyback; negligible impact on TBLA valuation.

The Form 4 shows Apollo-affiliated holders disposing of only 222,373 non-voting shares, about 0.5% of their combined non-voting stake, at $3.59 each. Because the shares were repurchased by the issuer to cap insider ownership at 25%, the transaction looks procedural rather than sentiment-driven. Post-trade, the group still controls over 72 million combined shares, preserving its strategic position. No open-market selling or derivative hedging was disclosed, suggesting limited market impact. Overall effect: neutral.

TL;DR: Sale enforces ownership ceiling; governance-related, not economically significant.

Footnote 1 clarifies that the issuer’s repurchase keeps Apollo/Yahoo ownership below 25%, likely to avoid regulatory or takeover-related thresholds. Such self-tender mechanisms are common in dual-class or high-ownership structures to maintain governance balance. The limited size indicates a calibrated adjustment rather than a shift in control. Investors should view the filing as a routine compliance action without immediate governance risk or benefit.

Insider Apollo Management Holdings GP, LLC, College Top Holdings, Inc., Yahoo, Inc., College Parent, L.P., College Parent Holdings GP, LLC, AP IX College Holdings, L.P., AP IX College Holdings GP, LLC, Apollo Management IX, L.P., AIF IX MANAGEMENT, LLC, Apollo Management, L.P.
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Type Security Shares Price Value
Other Non-Voting Ordinary Shares, No Par Value 222,373 $3.59 $798K
holding Ordinary Shares, No Par Value -- -- --
Holdings After Transaction: Non-Voting Ordinary Shares, No Par Value — 32,851,500 shares (Indirect, See Footnote); Ordinary Shares, No Par Value — 39,525,691 shares (Indirect, See Footnote)
Footnotes (1)
  1. The reported sales are between the Issuer and College Top Holdings, Inc., as part of the Issuer's share repurchase program and are intended to keep the Reporting Persons' ownership of Taboola's outstanding shares from reaching 25% or more. See Exhibit 99.1 for more information. See Exhibit 99.1.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Apollo Management Holdings GP, LLC
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Taboola.com Ltd. [ TBLA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Non-Voting Ordinary Shares, No Par Value 06/23/2025 J(1) 222,373 D $3.59 32,851,500 I See Footnote(2)
Ordinary Shares, No Par Value 39,525,691 I See Footnote(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Apollo Management Holdings GP, LLC
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
College Top Holdings, Inc.
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Yahoo, Inc.
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
College Parent, L.P.
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
College Parent Holdings GP, LLC
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
AP IX College Holdings, L.P.
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
AP IX College Holdings GP, LLC
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Apollo Management IX, L.P.
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
AIF IX MANAGEMENT, LLC
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Apollo Management, L.P.
(Last) (First) (Middle)
9 WEST 57TH STREET, 43RD FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The reported sales are between the Issuer and College Top Holdings, Inc., as part of the Issuer's share repurchase program and are intended to keep the Reporting Persons' ownership of Taboola's outstanding shares from reaching 25% or more. See Exhibit 99.1 for more information.
2. See Exhibit 99.1.
see signatures attached as Exhibit 99.2 06/24/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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Source: View Original Filing on SEC EDGAR

FAQ

How many Taboola (TBLA) shares were sold in the Form 4 dated 06/23/2025?

The reporting persons disposed of 222,373 non-voting ordinary shares.

What was the price per share for the reported transaction?

The shares were sold to the issuer at $3.59 each.

Why did Apollo-affiliated holders sell Taboola shares?

Footnote 1 states the sale is part of Taboola’s share-repurchase program designed to keep the group’s ownership under 25%.

How many Taboola shares do the reporting persons still own?

They beneficially own 32,851,500 non-voting ordinary shares and 39,525,691 ordinary shares after the transaction.

Were any derivative securities involved in this Form 4 filing?

No. Table II shows no derivative securities acquired or disposed during the reporting period.