Verizon Communications announced Tuesday that it will purchase AOL in an effort to expand its video and other digital content.
Verizon will purchase AOL for $50 a share, giving the company a roughly $4.4 billion valuation.
The deal would be subject to regulatory approval if it goes forward.
Verizon Chairman and CEO Lowell McAdam said in a press release that the “acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience.”
“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,” he said.
Verizon announced that AOL’s current CEO, former Google executive Tim Armstrong, will remain at the head of the company.
Purchasing AOL gives Verizon access to its advertising technology and also to its sizable roster of media outlets, including the Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com.
