AOL has agreed to buy the Huffington Post online newspaper in a $315m (£195m) deal that will create an internet media group with 270 million users worldwide.
As part of the transaction, which consists of $300m in cash and $15m in shares, Arianna Huffington, co-founder and editor-in-chief of her namesake company, will be named president and editor-in-chief of The Huffington Post Media Group, which will include all Huffington Post and AOL content.
“The Huffington Post will continue on the same path we have been on for the past six years – though now at light speed – by combining with AOL,” Huffington said.
The deal is expected to be completed in March or April and will likely add an additional 25 million users to AOL.
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