Verizon buying AOL for US$4.4b
[NEW YORK] Verizon said on Tuesday it is buying AOL for about US$4.4 billion in a deal that will give the US telecoms giant increased digital content and advertising platform space.
Verizon said it is paying US$50 per share of AOL, whose stock price jumped by almost 18 per cent in pre-market trading to US$50.22.
"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," Lowell McAdam, Verizon chairman and CEO, said.
AOL's assets include a portfolio of well-known content providers such as The Huffington Post, TechCrunch and Engadget. It also has a subscription business and produces original video content.
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