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Business News Deals Digital
Verizon to buy AOL
By Andy Malt | Published on Wednesday 13 May 2015
US telecoms firm Verizon yesterday announced that it had agreed a deal to purchase internet company AOL for $4.4 billion. Because, of course, well, God knows.
Announcing his company’s plan to acquire the one-time internet giant, Verizon CEO Lowell MaAdam told reporters: “Verizon’s vision is to provide customers with a premium digital experience based on a global multiscreen network platform. This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience”.
He continued: “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. At Verizon, we’ve been strategically investing in emerging technology, including Verizon Digital Media Services and OTT, that taps into the market shift to digital content and advertising. AOL’s advertising model aligns with this approach, and the advertising platform provides a key tool for us to develop future revenue streams”.
So there you go. Approval of the deal is expected this summer.