Patch's Parent Company, AOL Acquires The Huffington Post

The news on the ground this morning is true. Patch’s parent company, AOL has indeed acquired The Huffington Post in a landmark deal.

AOL agreed to purchase The Huffington Post for $315 million in a deal that was sealed during Sunday’s half time break at yesterday’s SuperBowl – the first ever SuperBowl  Arianna Huffington ever attended.

As part of the deal, Arianna Huffington will become the President and Editor-in-Chief of The Huffington Post Media group and will integrate all Huffington Post and AOL content, including Patch.

"The acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers,"s aid Tim Armstrong, Chairman and CEO of AOL. "Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers."

Huffington herself said: "This is truly a merger of visions and a perfect fit for us. We are fusing a legendary and powerful new media brand with a vibrant, innovative news organization, known for its distinctive voice, a highly engaged audience, an expertise in community-building, and a track record for demystifying the news and putting flesh and blood on the data while drawing our audience into the conversation."

The transaction is expected to close in the late first- or early second-quarter 2011.