From CNET: Verizon and AOL are officially hitched, closing a $4.4 billion tie-up the companies unveiled last month.
AOL, which started as one of the most prominent pioneers of the early Internet, will now become a subsidiary of Verizon, the largest wireless carrier in the US. Despite that lesser role, Verizon's acquisition of the company could be seen as a victory for AOL Chief Executive Tim Armstrong, who helped make online company a desirable target for purchase after it suffered a long decline into mediocrity.
For Verizon, the AOL deal allows it to take control of a set of online advertising tools Armstrong pulled together through acquisitions in the past few years. As well, AOL continues to own a handful of media websites, including The Huffington Post, TechCrunch and Engadget, though there has been plenty of speculation since the tie-up was announced that Huffington Post and perhaps AOL's other media sites won't remain with Verizon.
Now under Verizon, Armstrong continues to lead AOL operations, and Bob Toohey, president of Verizon Digital Media Services, will report to Armstrong. Armstrong will report to Marni Walden, Verizon president of Product Innovation and New Businesses.
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