Verizon To Buy AOL
May 12, 2015 at 4:20 AM (PT)
The wireless carrier that many of you are using to read ALL ACCESS right now -- VERIZON -- announced this morning (5/12/15) that it will be buying AOL for $50 per share, or about $4.4 billion.
CNBC reports, "The transaction will be completed this SUMMER and will take the form of a tender offer followed by a merger, after which AOL will become a wholly owned subsidiary of VERIZON, the company said."
"VERIZON's acquisition further drives its LTE wireless video and OTT (over-the-top video) strategy," VERIZON said in a statement.
AOL Chairman TIM ARMSTRONG will remain at his position once the deal is finalized, notes CNBC.
"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," ARMSTRONG said in the release.