The sale of AOL has finally happened & Verizon pays billions in cash
Former internet and online music site, AOL, has finally sound a suitor to purchase them after the previous $164 billion failed merger with Time Warner in 2000. Telecom giant, Verizon is now set to purchase the entire company of AOL for $4.4 billion. The deal values AOL at $50 a share, whose online shares have been surprisingly up more than 18% in pre-market trading. The Huffington Post, TechCrunch, Engadget, and AOL.com are among some of the properties that will be acquired by Verizon, which CEO, Tim Armstrong will continue his role in running the operation once the deal closes. Take a look at his press release statement below.
Lowell McAdam, Verizon chairman and CEO, said: “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.”
He added, “AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new course together in the digitally connected world. At Verizon, we’ve been strategically investing in emerging technology, including Verizon Digital Media Services and OTT, that taps into the market shift to digital content and advertising. AOL’s advertising model aligns with this approach, and the advertising platform provides a key tool for us to develop future revenue streams.”
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