Verizon Communications has agreed to purchase New York-based media corporation AOL Inc for USD50 per share, in a total deal valued at USD4.4 billion. AOL’s key assets include its subscription business, its portfolio of global content brands – including The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com – as well as its programmatic advertising platforms. Verizon claims that the acquisition is designed to further drive its 4G LTE wireless video and over-the-top (OTT) strategy. The agreement will also support the telco’s Internet of Things (IoT) platforms, encouraging growth from wireless to IoT for consumers and businesses.
Lowell McAdam, Verizon chairman and CEO, commented: ‘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.’