Verizon on Tuesday said that it has completed its acquisition of AOL, a $4.4 billion deal that was announced just over a month ago on May 12. Shares of AOL will no longer be traded on the NYSE.
AOL is now officially a subsidiary of Verizon and it will continue to be led by AOL’s CEO Tim Armstrong who will sit under Verizon executive vice president Marni Walden. Verizon’s president of digital media services Bob Toohey will report to Armstrong moving forward, the company explained in a press release issued on Tuesday.
The deal moved surprisingly quickly for something of its magnitude. You’ll still see AOL around, but it’s no longer the same company that used to send out billions of free installation CDs. I think I can live with that.