In a deal announced today, Verizon is buying AOL for $4.4B. Verizon has been focusing on its digital and video platforms, while AOL generates $600M in advertising revenue and has several media brands under its umbrella including The Huffington Post. AOL will reportedly remain a separate division and CEO Tim Armstrong will remain in his job. Goldman Sachs placed a sell rating on AOL last week, citing concern about challenges ahead for the company’s ad platform. The deal, subject to regulatory approval, is expected to close this summer. [CNN]
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