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US telecom giant Verizon agrees to buy AOL for $4.4bn

  • US firm Verizon is buying AOL in a $4.4-billion deal.

    The purchase, which needs regulatory approval, will widen the telecommunications giant Verizon’s advertising avenues and add to video production.

    AOL owns several sites including Huffington Post, Engadget and AOL.com. AOL’s dial-up net service has around two million customers.

    Tim Armstrong, AOL’s chief executive, said that the coming together of the two firms would help create "the next generation of media through mobile and video.”

    Tagged as: US firm, Verizon, AOL, US telecommunications giant, Huffington Post, Engadget and AOL com, business news