AOL is a tech company that has been around since the 1980s where it was known by a different name. Over the decades the function of the company has evolved, with its latest iteration as being a company that helps develop and grow brands, such as The Huffington Post, Engadget, TechCrunch, and more.Now it seems that Verizon wants what AOL has as the carrier has officially announced their plans to acquire the latter company for a whopping $4.4 billion which would see Verizon pay $50 a share for AOL. According to Lowell McAdam, the chairman and CEO of Verizon, “Verizon’s vision is to provide customers with a premium digital experience based on a global multiscreen network platform. This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience.”
Tim Armstrong who is the chairman and CEO of AOL adds, “The visions of Verizon and AOL are shared; the companies have existing successful partnerships, and we are excited to work with the team at Verizon to create the next generation of media through mobile and video.” Armstrong is also expected to continue to lead AOL’s operations once the deal closes.
AOL will be run as a separate division within Verizon, but it will rely on Verizon’s distribution channels to help circulate content from their brands, some of which we mentioned above. Assuming that there are no regulatory hurdles, Verizon expects the deal to officially conclude this summer.