As part of the agreement The Huffington Post's co-founder Arianna Huffington, will head the newly formed The Huffington Post Media Group, which will be the in-charge of all the contents of AOL in areas like news tech, women, local, multicultural, entertainment and video, among others.
AOL CEO Tim Armstrong said, “The deal will create a next-generation American media company with global reach that combines content, community and social experiences for consumers."
“We are fusing a legendary and powerful new media brand with a vibrant, innovative news organisation, 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 said.
Huffington added, “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."
AOL said the boards of both companies and shareholders of The Huffington Post have approved the deal, which is expected to close in the late first, or early second quarter of 2011.
(With inputs from PTI)