Verizon (the American Telecom giant) is acquiring AOL for $4.4b. AOL owns big tech news sites like TechCrunch and Engadget. TechCrunch has since reported on its site that CEO Tim Armstrong has said that it won’t get sold. Here’s a quote from the report in the which the CEO made the statement; “TechCrunch is not getting sold off,” he said. “There will be editorial independence. And from a distribution and resource standpoint, it’s probably the most exciting deal we could have done.”
A 2014 survey of major Telecom operators in the world put Verizon at number 1. Verizon Communications Inc. was founded in 1983 and is headquartered in NY. It provides services like broadband, wireless and wire line communications to consumer, business, and government. It also provides converged communications, entertainment services and information services over most advanced fiber-optic network. It mainly operates through two segments -Wireless and Wire line.
Sales: $120.6 B
Profits: $11.5 B
Market Value: $197.7 B
AOL’s stock was up 18% on this announcement.
Read more on the deal here