Verizon has just confirmed on its official site that it will be acquiring media outlet AOL for an estimated $4.4 billion. This means publications like The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com will now be owned by 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,” said the CEO of Verizon Lowell McAdam.
It is said that Tim Armstrong will continue as the CEO of AOL even after the acquisition. It is expected of Verizon to keep things fairly independent, so don’t expect any massive changes in the way that the company or its subsidiaries function post the acquisition.
Armstrong was very optimistic about this new partnership with Verizon, saying – “Verizon is a leader in mobile and OTT connected platforms, and the combination of Verizon and AOL creates a unique and scaled mobile and OTT media platform for creators, consumers and advertisers. 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.”