Report: Verizon purchasing AOL for $4.4 billion

Verizon is breaking out its checkbook, reportedly purchasing AOL for $4.4 billion.

Published Tue, May 12 2015 8:16 AM CDT   |   Updated Tue, Nov 3 2020 12:07 PM CST

Verizon is purchasing AOL for $4.4 billion, valued at $50 per share, according to both companies early Tuesday morning. It's the latest strategic push by Verizon, as the company looks to expand its Internet of Things (IoT) offerings - and could benefit from AOL's digital and video experience.

Report: Verizon purchasing AOL for $4.4 billion | TweakTown.com

AOL, which was the dial-up ISP king in the 1990s, has generated millions in digital advertising revenue, while supporting major media brands such as Engadget, TechCrunch, and The Huffington Post. Verizon is preparing a mobile video service this summer, and could call upon AOL's advertising platforms.

"AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new course together in the digitally connected world," said Lowell McAdam, chairman and CEO of Verizon, in a public statement.

"We were, as a company, essentially very interested in the platform transition to mobile," said Tim Armstrong, CEO of AOL, in a public statement. "There is really a platform shift happening in the world."

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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