Patch Parent Co. Acquires The Huffington Post

AOL has acquired The Huffington Post.

“We believe in brands, quality journalism, and the positive role of communities in the world—The Huffington Post shares our values and the combination of the two companies will create the premier global and local media company on the Internet,” AOL CEO Tim Armstrong told company employees Monday morning.

AOL is Patch's parent company.

In his email to staff, Armstrong called The Huffington Post “one of the Web’s most popular and innovative sources of online news, commentary, and information.”

The newly formed Huffington Post Media Group would reach a global audience of 270 million, AOL said in a full press release.

The price for the highly influential, rapidly growing online media company founded by Arianna Huffington and Kenneth Lerer in 2005, was $315 million. 

In a video for employees and writing on her blog, Huffington said she had entered 2011 with a goal to expand exponentially. This plan met all the criteria, she said.

The acquisition is contingent on government approvals and an OK from both companies' boards, as well as Huffington Post shareholders.

The combination creates a company  “laser-focused on serving our audiences across every platform imaginable – social, local, video, mobile and tablet,” Armstrong told employees. “... Uniquely, The Huffington Post is the platform for influential people -- the people that drive trends, commerce, politics, entertainment, news, and information.  Adding this strategic platform to our already strong network of sites, including the AOL homepage, has the potential to make AOL the most influential company in the content space.”

Some details of Armstrong and Huffington's plan may be found in the pdf  that accompanies this article. 

Learn more at D: All Things Digital, viewing Kara Swisher's interview with Huffington and Armstrong at the Super Bowl.