Verizon Communications completed its previously announced acquisition of AOL for $50.00 per share in cash, a total cost of $4.4 billion.
AOL CEO Tim Armstrong continues to lead AOL operations after the closing, and Bob Toohey, president of Verizon Digital Media Services, will report to Armstrong, who in turn will report to Marni Walden, Verizon executive vice president and president of Product Innovation and New Businesses.
http://www.verizon.com
- At the time the deal was announced in May 2015, Verizon said the AOL content further drives its LTE wireless video and OTT (over-the-top video) strategy. The agreement will also support and connect to Verizon’s IoT (Internet of Things) platforms, creating a growth platform from wireless to IoT for consumers and businesses.
