You’ve got mail, AOL, and it’s worth over $4 billion.
Telecom giant Verizon announced Tuesday it will be buying AOL for $50 per share, or about $4.4 billion. The deal will give Verizon access to AOL’s content and digital advertising.
The acquisition gives Verizon an entryway into the increasingly competitive online video space. The New York company is the country’s largest wireless carrier as well as an Internet and TV provider, and it is increasingly over the wireless space that telecom companies are fighting to win customers through video content.
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. Read more at NBC NEWS.