NEW YORK (CNNMoney) -- Verizon is buying AOL for $4.4 billion, or about $50 a share, the companies announced Tuesday.
The acquisition is part of Verizon's new focus on digital and video platforms, as well as its connected device network, which it calls "Internet of Things," the telecommunications company said.
AOL, a pioneering Internet brand, now has several media businesses, including The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com.
™ & © 2015 Cable News Network, Inc., a Time Warner Company. All rights reserved.