Verizon Communications today revealed plans to buy AOL for $4.4 billion.
In a memo to employees, AOL CEO Tim Armstrong said the deal will strengthen both companies’ push into mobile and video content.
“The future in front of AOL and the industry requires scale, mobile, and video – and partnerships. In our lifetime, we will see the connection of the world on very large and very fast networks – and to play in that world with our strategy requires us to take the natural steps to secure our ability to shoot for the stars. This deal is aimed at the stars and we are going to pursue the joint vision of building the most significant media platform in the world.”
Verizon said the acquisition will drive its goal of delivering more video content over LTE. Verizon Communications is the parent company of Verizon Wireless.
In addition to running its dial-up internet business, AOL also owns a number of media outlets, including HuffingtonPost, Engadget, and TechCrunch.
