Verizon Communications announced today that it will buy AOL Inc. for $4.4 billion, in a move Reuters reports will turn the country’s No. 1 wireless carrier into a top provider of video and other content for the Web and mobile devices.
“The $50-per-share offer represents a premium of 17.4 percent to AOL’s Monday close. AOL and its properties, including the Huffington Post, TechCrunch and Engadget websites, would become a Verizon subsidiary, with AOL Chief Executive Officer Tim Armstrong staying in his role,” Reuters reports.
Armstrong has been working on boosting AOL’s expertise in mobile ad technology, the piece reports, noting that he sees mobile accounting for 80% of media consumption in the near future.
In a memo today to employees, Armstrong reportedly said: “If we are going to lead, we need to lead in mobile.”