Huffington Post signs $315 million deal with AOL
HollywoodNews.com: It was announced Sunday evening that AOL Inc. has made a pricey deal with the Huffington Post, one that will now merge the two Internet venues into the Huffington Post Media Group.
With the approval from the boards of both companies, AOL bought the news-and-opinion website for $315 million in cash and stock, the LA Times reports. Huffington Post co-founder Arianna Huffington will become president and editor-in-chief of the Huffington Post Media Group, which will include all Huffington Post and AOL content, such as Black Voices, Moviefone, Mapquest, AOL Music, AOL Latino, Patch and more.
The merger also means that the combined site will see a combined total of 117 million unique visitors a month in the United States, making the website a major Internet player.
AOL chairman and CEO Tim Armstrong said in a joint statement released by the two companies: “The acquisition of the Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers. Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers.”
According to the LA Times, the deal will be finalized in the first quarter, or early in the second, of 2011.
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