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AOL may have just purchased TechCrunch but it seems that wasn’t the only big name publication the web giant had its eye on. In a deal signed late yesterday, AOL is set to acquire web publication the Huffington Post for a tidy sum of $315 million.
AOL has announced that it is to acquire the Huffington Post in a deal worth $315 million in cash and stocks. The deal, expected to close sometime in the first or second quarter of this year, first came about in November and has since been approved by both boards of directors. BoomTown reports that everything was signed late yesterday, just before the Super Bowl began.
Though the deal itself is newsworthy and certainly exciting for all involved, more notable is the decision to appoint co-founder Arianna Huffington the president and editor-in-chief of the newly formed Huffington Post Media Group. In her new position, Arianna will oversee all Huffington Post and AOL content, including Engadget, TechCrunch, Moviefone, MapQuest, Black Voices, PopEater, AOL Music, AOL Latino, AutoBlog, Patch, StyleList, and more.
"Arianna is a singularly passionate and dedicated champion of innovative journalistic engagement, and a master of the art of using new media to illuminate, entertain and enhance the national conversation," Tim Armstrong, Chairman and CEO of AOL, said of his newest employee.
"Arianna is a remarkable person and she will continue to create remarkable outcomes for the combined company," he added.
"We are fusing a legendary and powerful new media brand with a vibrant, innovative news organization, known for its distinctive voice, a highly engaged audience, an expertise in community-building, and a track record for demystifying the news and putting flesh and blood on the data while drawing our audience into the conversation," Huffington said in a statement.
"By uniting AOL and The Huffington Post, we are creating one of the largest destinations for smart content and community on the Internet. And we intend to keep making it better and better."
tomsguide
It seems AOL is going into the content, and blogging industry instead of just being an ISP and search engine.
AOL has announced that it is to acquire the Huffington Post in a deal worth $315 million in cash and stocks. The deal, expected to close sometime in the first or second quarter of this year, first came about in November and has since been approved by both boards of directors. BoomTown reports that everything was signed late yesterday, just before the Super Bowl began.
Though the deal itself is newsworthy and certainly exciting for all involved, more notable is the decision to appoint co-founder Arianna Huffington the president and editor-in-chief of the newly formed Huffington Post Media Group. In her new position, Arianna will oversee all Huffington Post and AOL content, including Engadget, TechCrunch, Moviefone, MapQuest, Black Voices, PopEater, AOL Music, AOL Latino, AutoBlog, Patch, StyleList, and more.
"Arianna is a singularly passionate and dedicated champion of innovative journalistic engagement, and a master of the art of using new media to illuminate, entertain and enhance the national conversation," Tim Armstrong, Chairman and CEO of AOL, said of his newest employee.
"Arianna is a remarkable person and she will continue to create remarkable outcomes for the combined company," he added.
"We are fusing a legendary and powerful new media brand with a vibrant, innovative news organization, known for its distinctive voice, a highly engaged audience, an expertise in community-building, and a track record for demystifying the news and putting flesh and blood on the data while drawing our audience into the conversation," Huffington said in a statement.
"By uniting AOL and The Huffington Post, we are creating one of the largest destinations for smart content and community on the Internet. And we intend to keep making it better and better."
tomsguide
It seems AOL is going into the content, and blogging industry instead of just being an ISP and search engine.
