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Today’s guests: Patrick Beja
Verizon announced today it has signed an agreement to buy AOL for $50 a share an estimated value of $4.4 billion AOL will become a wholly-owned subsidiary of Verizon. Verizon CEO Lowell McAdam said AOL’s “advertising platform provides a key tool for us to develop future revenue streams.” AOL CEO Tim Armstrong, who will stay on as the subsidiary’s leader, said the combination “creates a unique and scaled mobile and OTT media platform for creators, consumers and advertisers.” The deal is expected to be completed this summer.