Verizon Communications Inc to buy AOL Inc
The signing was done for $50 per share -- an estimated total value of approximately $4.4 billion.
"Verizon’s acquisition further drives its LTE wireless video and OTT (over-the-top video) strategy. The agreement will also support and connect to Verizon’s IoT (Internet of Things) platforms, creating a growth platform from wireless to IoT for consumers and businesses," verizon.com reported.
Lowell McAdam, Verizon chairman and CEO, was quoted as saying by the website: “Verizon’s vision is to provide customers with a premium digital experience based on a global multiscreen network platform. This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience.”
Tim Armstrong, AOL chairman and CEO, will continue to lead AOL operations after closing, read the website.
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