Community Corner
Patch Parent AOL to Acquire The Huffington Post
The transaction is expected to close late this quarter or early in the second quarter.
AOL, the parent company of Patch, announced an agreement to acquire The Huffington Post, the news, commentary and lifestyle website founded in 2005, and one of the fastest-growing web properties on the Internet.
AOL is acquiring The Huffington Post for $315 million, with approximately $300 million coming from cash on hand.
The combined companies will have 117 million monthly unique visitors in the U.S. and 270 million worldwide, based on December numbers from comScore. AOL said the transaction will create a new way for people to get local and global information in a timely and entertaining way.
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As part of the transaction, Arianna Huffington, The Huffington Post's co-founder and editor-in-chief,will be named president and editor-in-chief of a new group within AOL, The Huffington Post Media Group, which will include AOL Media, AOL Local & Mapping and AOL Search, as well as The Huffington Post.
You can view the full press release about the acquisition here.
