Verizon Communications has wrapped up its acquisition of Internet firm AOL in a deal valued at $4.4 billion, The New York Times reports.
The deal wrapped Tuesday, “paving the way for the start of a mobile-first video service this summer,” The Times notes.
The story reports: “The new offering is expected to include live content like the National Football League and other sports, emerging content like the youth-focused AwesomenessTV, and other on-demand programming.”
Details on the new service will be rolled out in the next few months, but Verizon EVP Marni Walden noted that the service, which will be accessible via any wireless network, will work best on Verizon, according to the report.
“With its AOL deal, Verizon will bolster the mobile service through AOL’s established advertising technologies and its content offerings. AOL will operate as an independent unit of Verizon,” The Times notes.
AOL Chief Executive Tim Armstrong will stay on, and will now report to Walden. Said Armstrong: “Nobody owns the future. Our ability to combine the two companies together will really allow us to have a big seat at a big table for the future.”