US Internet provider AOL could buy The Huffington Post, a speedily escalating revelation website provided approximately 25 million monthly visitors, for $315 million, the firm announced.
Approximately $300 million plans to be brought in in cash, it said. The Huffington Post is privately owned, but the proposed sell is subject to municipal approvals.
The boards of directors of every firm and shareholders of The Huffington Post own voted for the transaction, guessed to finishing in the late first- or the beginning of second-quarter of 2011, the announcement said.
Arianna Huffington, The Huffington Post's co-founder and editor-in-chief, can be named president and editor-in-chief of The Huffington Post Media Group, that ought to integrate all Huffington Post and AOL content.
That includes Engadget, TechCrunch, Moviefone, MapQuest, Black Voices, PopEater, AOL Music, AOL Latino, AutoBlog, Patch, StyleList, and a large amount of sites.
"The acquisition of The Huffington Post is able to embark on a next-generation American media organization through international get hold of overly combines content, community, and social experiences for consumers," claimed Tim Armstrong, chairman and CEO of AOL. "Together, our organizations might embrace the digital times ahead and become a digital objective the delivers unmatched experiences for both families and advertisers."
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