
A major deal was announced today by Verizon.
According to an announcement straight from the nation's largest wireless operator, Verizon will acquire AOL in what is poised to be an epic and potentially game-changing merger.
Verizon says the move represents the company's desire to build out its digital and video platforms. The telecommunications giant is purchasing AOL for $50 per share -- an estimated total value of around $4.4 billion.
In today's formal announcement, Verizon says the deal should also advance its wireless video and OTT (over-the-top video) strategy. And IoT won't be overlooked either. "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," Verizon says.
As far as AOL's leadership at Verizon is concerned, Tim Armstrong, AOL's CEO, will continue to lead AOL operations even after the deal with Verizon commences.
Source: Verizon
Message