Kara Swisher of All Things D broke the news this evening that Aol has agreed to purchase The Huffington Post for $315 million, and Editor-in-Chief Arianna Huffington will be put in charge of all content at the growing media conglomerate.  This means that Ms. Huffington will even be overseeing properties such as Engadget and TechCrunch, the latter of which was recently purchased by AOL for a rumored $10 million.

According to the interview with Kara Swisher, the deal was a rather quick one with the first discussions in Sept. of last year, and serious negotiations starting in Nov. of the year.  The deal works out to $300 million in cash and $15 million in stocks with a closure date of either the first or second quarter of this year.

In a blog post on the site, Ms. Huffington said of the deal, “By combining HuffPost with AOL’s network of sites, thriving video initiative, local focus, and international reach, we know we’ll be creating a company that can have an enormous impact, reaching a global audience on every imaginable platform.”

You can watch the video filmed with Kara Swisher shortly before the Super Bowl this evening in Dallas with Huffington and AOL CEO Tim Armstrong.

This now reportedly gives AOL a reach of 117 million unique visitors in the United States and 270 million globally, easily making it one of the biggest, if not the biggest, media concerns around now.

What say you? Has AOL grown to a point where it’s getting to big?