NEW YORK, May 12 (UPI) -- Telecom giant Verizon said it will buy AOL for $4.4 billion, or about $50 a share, in an all-cash deal that is being billed as a big boost to Verizon's digital and video platforms.
AOL, best known for its dial-up service, will become a separate division within Verizon. AOL has several media brands, including The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com. The company boasts $600 million in global advertising revenue. AOL CEO Tim Armstrong will keep his job.