Verizon acquires AOL

Verizon Communications today said it has completed the acquisition of AOL for $50 per share in cash.

AOL is now a wholly owned subsidiary of Verizon.
AOL CEO Tim Armstrong continues to lead AOL operations, 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.

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