New York Times: The Huffington Post, which began in 2005 with a meager $1 million investment and has grown into one of the most heavily visited news Web sites in the country, is being acquired by AOL in a deal that creates an unlikely pairing of two online media giants.
The two companies completed the sale Sunday evening and announced the deal just after midnight on Monday. AOL will pay $315 million, $300 million of it in cash and the rest in stock. It will be the company’s largest acquisition since it was separated fromTime Warner in 2009.
The deal will allow AOL to greatly expand its news gathering and original content creation, areas that its chief executive, Tim Armstrong, views as vital to reversing a decade-long decline.
Arianna Huffington, the cable talk show pundit, author and doyenne of the political left, will take control of all of AOL’s editorial content as president and editor in chief of a newly created Huffington Post Media Group. The arrangement will give her oversight not only of AOL’s national, local and financial news operations, but also of the company’s other media enterprises like MapQuest and Moviefone. [MORE]
Good grief, AOL must have a death wish. Buying Huffpo is one thing, but giving a leftwing hack like Arianna that much control is just plain crazy. I can see it now, tasteless Palin jokes on MapQuest. Thank God for GPS!
Via: Memeorandum
Via: The New York Times
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4 comments:
Um, I wonder how much of that money she is going to give to charity or better yet send to the treasury?
Over at Le·gal In·sur·rec·tion, Professor Jacobson makes the delicious observation that the majority of the content at Huffy Poo has been provided by true believers for free! And Arianna turns around and makes more that $300 million off their hard work! No wonder the left has the concept of "stupid prols" in their lexicon. I'm starting to like this schadenfreude concept.
What's sad about this is that AOL cut their sports blog Fanhouse and a lot of writers and people I know will be out of jobs because of this.
Next thing this woman needs to do is get her neck lifted. Seriously, I'm older and that is really not good.
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