Yahoo plans to return to public markets, Chief Executive Officer Jim Lanzone told the Financial Times in an interview.

The internet media firm still ranks in the global top five in traffic terms and will be aggressive in pursuing M&A opportunities, Lanzone said.

The company, owned by Apollo Global Management, has had to navigate a challenging time for online spending as advertisers try to gauge a skittish consumer sentiment. It is “ready financially, the company has a great balance sheet, we’re very profitable,” Lanzone told the FT, echoing comments he made in February when cutting jobs and restructuring its advertising tech division.

Apollo bought Yahoo in 2021 and saw an initial public offering as “a decently likely outcome,” according to its partner Reed Rayman. IPO activity in the tech sector has picked up significantly this year, with SoftBank Group Corp preparing an Arm offering and Alibaba Group Holding splitting off into six units, five of which may pursue IPOs.