AOL has acquired Huffington Post for $315 million in its biggest move since it became an independent company in 2009.
The acquisition will create a new online media conglomerate that already owns news websites TechCrunch and Engadget. According to The New York Times, the deal is worth $300 million in cash with $15 million in stock.
As part of the deal, Huffington Post co-founder Arianna Huffington will be appointed president editor-in-chief of all of AOL’s content. She will not only run The Huffington Post, but will lead AOL’s news, tech, women, local, multicultural, entertainment video and community content businesses in an AOL entity that will be known as the Huffington Post Media Group.
The Huffington Post Media Group will also be in charge of MapQuest, AOL Music, AutoBlog, Patch, Engadgetand TechCrunch. Huffington Post CEO Eric Hippeau and Chief Revenue Officer Greg Coleman will be leaving Huffington Post, according to AllThingsD.
“By combining HuffPost with AOL’s network of sites, thriving video initiative, local focus, and international reach, we know we’ll be creating a company that can have an enormous impact, reaching a global audience on every imaginable platform,” Arianna Huffington said moments ago in a blog post announcing the acquisition.
AOL now claims that the combined entity reaches 117 million unique visitors per month in the U.S. and 270 million worldwide. AOL CEO Tim Armstrong says the new organization will be “a next-generation American media company” focused on content, community and social experiences.