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US: Verizon completes its $4.4 billion purchase of AOL

By  |  June 23, 2015

Verizon has just announced that it has completed its acquisition of AOL, owner of TechCrunch, purchasing all outstanding shares for $50 per share in cash for a total price of $4.4 billion. The sale was originally announced just over a month ago.

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    As Verizon said at the time of the original announcement that it was buying AOL, Tim Armstrong, AOL’s CEO, will continue to lead AOL operations. Now we have a few more details of how the whole operation with merge with Verizon’s. Bob Toohey, president of Verizon Digital Media Services, reporting to Armstrong. Digital Media Services is Verizon’s advertising business.

    “The Internet path is well worn, but the mobile brands, mobile video, and mobile advertising path — all tied to the coming Internet of Things — has few footprints,” AOL CEO Tim Armstrong, who will remain at the helm of the division, wrote in a memo.

    Full content: Time

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