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Verizon buys faded Internet pioneer AOL for $4.4 bn

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verizon_nexusVerizon unveiled plans Tuesday to buy AOL for $4.4 billion, bringing together the US telecom giant and faded Internet pioneer in a bid to compete better in online media and advertising.

The deal was described as a way to help Verizon — one of the largest US mobile carriers and a major broadband provider — build its offerings in video and other digital content, especially for wireless.

“Verizon’s vision is to provide customers with a premium digital experience based on a global multiscreen network platform,” Verizon chairman and chief executive Lowell McAdam said in a statement.

“This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience.”

Once the leading provider of Internet access, AOL has reorganized primarily as a digital media company with a portfolio of well-known news sites such as The Huffington Post, TechCrunch and Engadget.

It also produces its own video content, operates its own advertising platform and continues to serve a small number of dial-up Internet customers.


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