AOL, Parent of Patch.com, Buys Huffington Post

AOL, the parent company of Patch.com, announced early Monday morning Eastern Standard Time that it is in the process of buying Huffington Post, the blog site started by Arianna Huffington, for $315 million.

The company on Monday released this statement regarding the acquisition:

 "AOL Inc. [NYSE:AOL] announced today that it has entered into a definitive agreement to acquire The Huffington Post, the influential and rapidly growing news, analysis, and lifestyle website founded in 2005, which now counts nearly 25 million unique monthly visitors.

The transaction will create a premier global, national, local, and hyper-local content group for the digital age – leveraged across online, mobile, tablet, and video platforms. The combination of AOL's infrastructure and scale with The Huffington Post's pioneering approach to news and innovative community building among a broad and sophisticated audience will mark a seminal moment in the evolution of digital journalism and online engagement.

The new group will have a combined base of 117 million unique visitors a month in the United States and 270 million around the world. Following the close of this transaction, AOL will accelerate its strategy to deliver a scaled and differentiated array of premium news, analysis, and entertainment produced by thousands of writers, editors, reporters, and videographers around the globe.

As part of the transaction, Arianna Huffington, The Huffington Post's Co-founder and Editor-in-Chief, will be named President and Editor-in-Chief of The Huffington Post Media Group, which will integrate all Huffington Post and AOL content, including Engadget, TechCrunch, Moviefone, MapQuest, Black Voices, PopEater, AOL Music, AOL Latino, AutoBlog, Patch, StyleList, and more.

'The acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers,' said Tim Armstrong, Chairman and CEO of AOL. 'Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers.'

Armstrong continued, 'Arianna is a singularly passionate and dedicated champion of innovative journalistic engagement, and a master of the art of using new media to illuminate, entertain and enhance the national conversation. Arianna is a remarkable person and she will continue to create remarkable outcomes for the combined company.'

'This is truly a merger of visions and a perfect fit for us,' said Huffington. 'The Huffington Post will continue on the same path we have been on for the last six years – though now at light speed – by combining with AOL. Our readers will still be able to come to the Huffington Post at the same URL, and find all the same content they've grown to love, plus a lot more – more local, more tech, more entertainment, more finance, and lots more video. We are fusing a legendary and powerful new media brand with a vibrant, innovative news organization, known for its distinctive voice, a highly engaged audience, an expertise in community-building, and a track record for demystifying the news and putting flesh and blood on the data while drawing our audience into the conversation.'

Huffington continued, 'By uniting AOL and The Huffington Post, we are creating one of the largest destinations for smart content and community on the Internet. And we intend to keep making it better and better.'"

The numbers cited in this news release were based on comScore or internal data, AOL reported. Sammamish Patch will keep residents in the city updated on this acqusition. In Monday afternoon trading, AOL's stock hovered in the $21 per share range.