AOL buys Huffington Post

They say when AOL buys your business it has peaked. It is all down hill from then on. Today, AOL announced it will pay $315 million cash to acquire The Huffington Post, the news site co-founded in 2005 by Arianna Huffington and media executive Kenneth Lerer.
The acquisition “will create a next-generation American media company with global reach,” said AOL Chairman and CEO Tim Armstrong.
AOL founder Steve Case tweeted about the Huffington Post deal, saying: “Tim Armstrong says “1 + 1 will equal 11″…Really? That wasn’t my experience.”

“This is truly a merger of visions and a perfect fit for us,” said Arianna 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.”

Huffington will be named President and Editor-in-Chief of The Huffington Post Media Group a division of AOL.

AOL said the new group will have 117 million unique visitors a month in the U.S., 270 million globally.