AOL disappears into Verizon’s maw

Verizon CEO Lowell McAdamVerizon said today it has bought AOL for $4.4 billion.

AOL is to become a wholly owned subsidiary of Verizon when the deal closes and that poses questions about the different properties it owns.

Verizon owns media titles including the Huffington Post, TechCrunch and Engadget and also has a significant presence in the advertising space.

The CEO of Verizon, Lowell McAdam, said that his company has a vision. That vision, he claimed, was to provide people with a “premium digital experience based on a global multiscreen network platform”. Figure that one out, if you can.

The CEO of AOL, Tim Armstrong, also has a vision. He said the visions of Verizon and AOL are shared.

Verizon will pay for AOL using cash and “commercial paper”.