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Verizon says it will buy AOL

FILE - This April 7, 2013 photo shows the Verizon Studio booth at MetLife Stadium, in East Rutherford, N.J. ESPN is objecting to how Verizon is giving its FiOS TV customers more choice. In new plans that went into effect Sunday, April 19, 2015. Verizon made the ESPN and ESPN2 sports channels optional, but ESPN says its contracts with Verizon prohibit the channels from being in a separate sports package.(AP Photo/Mel Evans) FILE - This April 7, 2013 photo shows the Verizon Studio booth at MetLife Stadium, in East Rutherford, N.J. ESPN is objecting to how Verizon is giving its FiOS TV customers more choice. In new plans that went into effect Sunday, April 19, 2015. Verizon made the ESPN and ESPN2 sports channels optional, but ESPN says its contracts with Verizon prohibit the channels from being in a separate sports package.(AP Photo/Mel Evans)

By Associated Press May 12, 2015 1 min read

NEW YORK – Verizon is buying AOL for about $4.4 billion, advancing the telecom’s push in both mobile and advertising fields.

AOL owns The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com.

The acquisition gives Verizon an entryway into the increasingly competitive online video space.

Verizon Communications Inc. said Tuesday that it will pay $50 per share for the company in cash, a 15 percent premium to AOL’s closing price on Monday.

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