AOL Inc. announced today that it is buying the political news and commentary site The Huffington Post for $315 million—$300 million in cash and $15 million in stock.
Arianna Huffington, The Huffington Post's co-founder and editor-in-chief, will be named president and editor-in-chief of The Huffington Post Media Group. She will oversee all Huffington Post and AOL content, including Engadget, TechCrunch, Moviefone and Patch.
Huffington is a featured speaker at the Internet Retailer Conference & Exhibition 2011 where she will talk about how the Internet disrupts established businesses in a session entitled “The Internet Disruption is Just Beginning.”
The two companies say that the alliance will create a global, national, local and hyper-local content group for the digital age, with online, mobile, tablet and video offerings.
"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," says Tim Armstrong, AOL chairman and CEO. "Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers."
The new group will have a combined base of 117 million unique visitors a month in the United States and 270 million around the world, according to December traffic data from web measurement firm comScore Inc.
"By uniting AOL and The Huffington Post, we are creating one of the largest destinations for smart content and community on the Internet,” says Huffington. “And we intend to keep making it better and better."
The proposed transaction needs governmental approval. Both companies’ boards of directors have already approved the deal, which is expected to close by the second quarter.