Mon 7th of February 2011, filed under Internet News
A merger of visions
The Huffington Post online newspaper was sold to AOL last night in a £196 million buyout. According to the BBC, the acquisition of the "intellectual centre-left website" will create an AOL media conglomerate with over 270 million users.
In her Huffington Post blog, founder Arianna Huffington revealed the deal was agreed over lunch with AOL Chairman Tim Armstrong, and called it a "merger of visions". She elaborated: "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."
Ms Huffington will continue to be editor of the paper she co-founded with Kenny Lerer in 2005. However, she will also assume responsibility for all content as editor-in-chief and president of the Huffington Post Media Group, comprising all AOL's media and press properties.
These include popular technology websites TechCrunch, which was purchased in September 2010, and Engadget, an AOL property since 2005. TechCrunch joked that "effective tomorrow morning, TechCrunch.com will be renamed HuffingtonCrunch.com". Meanwhile, Mashable commented "AOL has catapulted itself back into relevancy. It has sent a clear signal to the rest of the world that it is a media company and that it is in this game to win."
Posted by Rachel Hand