AOL to Acquire HuffPo; Arianna will Run AOL Content Empire
Stepping up its ongoing efforts to regain relevance in a post-dialup world, AOL will acquire Huffington Post for $315 million. As part of the deal, Arianna Huffington will become Editor-in-Chief for all properties of AOL's rapidly expanding content empire, including the increasingly ubiquitous Patch.com hyperlocal news network. Top sites that will be added to Huffington's editorial domain include TechCrunch, Mapquest, Moviefone and the surviving blogs of the Weblogs, Inc. network (including Endgadget, TV Squad, PopEater and Joystiq), acquired by AOL/Time Warner in 2005.
Launched in 2005 on an investment of $1 million from Huffington and venture capitalist Ken Lerer, HuffingtonPost.com has grown into one of the most popular destinations on the web, claiming 25 million unique monthly visitors. Over the years, HuffPo's venture capital investment has grown to $37 million, easily eclipsed by the $315 million (including $300 million in cash) that will be received from AOL in the deal.