Verizon, long the frontrunner to acquire the struggling Silicon Valley icon, has finally beat out rivals including AT&T, Quicken Loans founder Dan Gilbert, and private equity firm TPG.
Verizon paid $4.4 billion to acquire AOL last year. By merging AOL's advertising business with that of Yahoo, Verizon is expected to double its new media revenue and set the stage for greater competition with Google and Facebook.
For an in-depth look at Verizon's media ambitions, read our May feature: Verizon's Multi-Billion-Dollar Play To Take On Netflix, Amazon, Google & Facebook. AOC