Verizon acquires AOL for $4.4 billion
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Verizon, the US telecom major has acquired digital media company According to reports, since
Reports have suggested that acquisition will allow
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This is very much in sync with Verizon’s plans to launch digital video services, which in turn can now use AoL’s advertising expertise.
It should be noted that the deal is also expected to further drive Verizon’s LTE wireless video and OTT (over-the-top video) strategy. “Verizon’s vision is to provide customers with a premium digital experience based on a global multiscreen network platform. This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience,” said Lowell McAdam, Verizon chairman and CEO.
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Sharing a similar sentiment, Tim Armstrong AOL chairman and CEO, stated, ““Verizon is a leader in mobile and OTT connected platforms, and the combination of Verizon and AOL creates a unique and scaled mobile and OTT media platform for creators, consumers and advertisers. The visions of Verizon and AOL are shared; the companies have existing successful partnerships, and we are excited to work with the team at Verizon to create the next generation of media through mobile and video.”
Armstrong will continue as the chairman of the company once the acquisition is completed by the end of summer. At present, the deal is subject to regulatory approvals.
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