Huffington Post acquired by Patch parent company AOL

AOL has agreed to acquire The Huffington Post, AOL's Chief Executive Tim Armstrong announced Sunday.

"The Huffington Post and AOL will occupy a unique place in the future of the Internet," Armstrong said.

"We believe in brands, quality journalism and the positive role of communities in the world -- The Huffington Post shares our values," Armstrong added. "The combination of the two companies will create the premier global and local media company on the Internet."

Co-founded six years ago by Ariana Huffington and Ken Lerer, The Huffington Post has grown to become an industry leader. Armstrong said that Huffington will be in charge of overseeing all AOL content.

"The combination of AOL's infrastructure and scale with The Huffington Post's pioneering approach to news and innovative community-building among a broad and sophisticated audience will mark a seminal moment in the evolution of digital journalism and online engagement," Armstrong added.

(See the announcement and full article on AOL's home page today.