AOL To Purchase The Huffington Post

AOL has announced on Monday that it plans on purchasing The Huffington Post.

“AOL Inc. announced today that it has entered into a definitive agreement to acquire The Huffington Post, the influential and rapidly growing news, analysis, and lifestyle Web site founded in 2005, which now counts nearly 25 million unique monthly visitors,” stated an AOL press release.

AOL has agreed to buy The Huffington Post, a news Web site that also features columns from the likes of Hollywood actor Alec Baldwin and controversial filmmaker Michael Moore, for $315 million, according to the press release.

Co-founders Arianna Huffington, the editor-in-chief, and Kenneth Lerer, chairman, privately owns the Huffington Post along with investors, but according to the press release Huffington will become the president and editor-in-chief of The Huffington Post Media Group.

AOL content — which includes Patch, Moviefone, MapQuest, AOL Music and more — and The Huffington Post will be incorporated into the new group that Huffington will be heading, stated the press release.

“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," stated Chairman and CEO of AOL Tim Armstrong in the press release. "Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers.”

Huffington stated in the press release that there will be no changes to The Huffington Post, but the addition to AOL will enhance reader experience.

"This is truly a merger of visions and a perfect fit for us. The Huffington Post will continue on the same path we have been on for the last six years — though now at light speed — by combining with AOL,” stated Huffington. “Our readers will still be able to come to the Huffington Post at the same URL, and find all the same content they've grown to love, plus a lot more — more local, more tech, more entertainment, more finance, and lots more video.”

The transaction is supposed to be complete either late in the first quarter or early in the second quarter of this year, according to the press release.