During the middle of May after months of rumours about a possible deal, Verizon announced the company would be acquiring AOL for a cost of $4.4 billion.
This week Verizon has confirmed that the acquisition of AOL is now complete for $50.00 per share and that AOL is now a subsidiary of Verizon.
AOL Inc. previously known as America Online was founded back in 1983 and was available as a DOS program back in 1991 thanks to a GeoWorks interface and was then followed a year later by the release of AOL for Windows.
More recently AOL has made a number of purchases including Bebo for $850m and has become more of and a digital media company rather than an ISP and service provider following up with the purchase of The Huffington Post for $315 million in 2011.
No details have been announced as to what plans Verizon has for the new AOL subsidiary over the coming years but as soon as more details are announced we will keep you updated as always.
Source: VB