Verizon Completes AOL Purchase

WESTCHESTER COUNTY, N.Y. -- Verizon successfully completed its purchase of AOL on Tuesday for approximately $4.4 billion, according to a statement released by AOL.

Verizon completed its purchase of AOL on Tuesday.
Photo Credit: *File*

Joe Jenkins

06/24/2015 9:30 a.m.

The deal was announced on May 12 in an effort by Verizon to beef up its video content and streaming advertising.

AOL CEO Tim Armstrong will continue to lead AOL operations after the closing, and Bob Toohey, president of Verizon Digital Media Services, will report to Armstrong. Armstrong will report to Marni Walden, Verizon executive vice president and president of Product Innovation and New Businesses, the statement said.

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