AOL - The Huffington Post Merged For $315 Million

The Huffington Post merged with AOL for $315 million ($300 million in cash, the rest in stock).

New Yor Times reports that Arianna Huffington will take the reigns of “AOL’s editorial content as President and Editor in Chief of a newly created Huffington Post Media Group.”

To quote:

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.

Arianna Huffington said that as she began talking to Tim Armstrong of AOL, “it was really amazing how aligned our visions were.”

The two companies completed the sale Sunday evening and were expected to announce the deal Monday morning. 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 from Time Warner in 2009.

HuffPo, which currently employs more than 200 people, will reportedly generate $60 million in revenue this year (last year, it pulled in $31 million).