Verizon buying AOL for $4.4 billion
IMAGE/FREEDIGITALPHOTOS.NET
Telecommunications giant Verizon Communications said Tuesday it’s buying AOL Inc., one of the earliest Internet service providers, for about $4.4 billion, or $50 a share.
Lowell McAdam, Verizon’s chairman and CEO, said the deal “supports our strategy to provide a cross-screen connection for consumers, creators and advertisers,” touching the wireless and video platforms, as well as the evolving Internet of Things.
The Verizon statement lists AOL’s key assets as its subscription business; its portfolio of global content brands, including The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com, as well as its millennial-focused “over the top” video (OTT), Emmy-nominated original video content; and its programmatic advertising platforms.
The transaction is subject to regulatory approvals and closing conditions and expected to close this summer.
Tim Armstrong, AOL chairman and CEO, will continue to lead AOL operations after the deal closes, Verizon said.
WBJ Web Partners
Most Recent
Most Recent
0 Comments