The new group plans to reach a visitor base of 117 million a month from US and 270 million from other parts of the world
AOL has entered into a definitive agreement to acquire The Huffington Post, a news, analysis, and lifestyle website, which now counts nearly 25 million monthly visitors, for $315m.
After the acquisition Huffington Post’s co-founder and Editor-in-chief Arianna Huffington will be the president and editor-in-chief of The Huffington Post Media Group, which will integrate all Huffington Post and AOL content.
The proposed transaction is subject to customary closing conditions, including receipt of government approvals.
The boards of directors of each company and shareholders of The Huffington Post have approved the transaction. The transaction is expected to close in the late first- or early second-quarter 2011.
AOL chairman and CEO Tim Armstrong said the acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers.
"Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers," Amstrong said.
With the acquisition, the new group is aiming at 117 million visitors a month in the US and 270 million around the world.