Verizon announced Tuesday morning that it has completed its US$4.4 billion purchase of AOL. The deal brings all of AOL's properties under Verizon's wing, including well known Websites such as The Huffington Post, TechCrunch, and Engadget.
Verizon completes AOL purchase
AOL CEO Tim Armstrong will continue to run AOL while Verizon's president of Digital Media Services Bob Toohey will report to him. It's no surprise Verizon is teaming up its own top media executive with AOL because one of the main goals behind the purchase was getting into the online news and blogging market in a bigger way.
When the deal was announced in May, Verizon CEO Lowell McAdam said, "This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience."
Verizon plans to build a major mobile-first advertising platform out of the deal, too. Considering the company is already a big player in the wireless market, owning all of AOL's properties sets up Verizon to do just that.