Editor in Chief
- Dec 30, 2010
- Reaction score
- Austin, TX
Back in May we shared that Verizon was planning to acquire AOL for a whopping $4.4 Billion USD deal. That buyout is now complete. Big Red announced this morning that the process for the buyout has finalized, and AOL is now a wholly owned subsidiary.
The primary reason AOL was purchased by Verizon was to act as a massive ad network for the company. Here's a quote with a few of the details,
In an expanded role, 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. Verizon Digital Media Services uses world-class technology to help companies prepare, deliver and display digital media content including video, web pages, applications, mobile ads and live events on any screen. Armstrong will report to Marni Walden, Verizon executive vice president and president of Product Innovation and New Businesses.
Was this a wise move by Verizon, or was it too much money for junk that won't do much for them? Share your thoughts.