That was fast. AOL now belongs to Verizon a little more than a month after the telco giant announced its $4.4 billion purchase agreement.
Holders of 60.37% of AOL shares tendered their stock for $50 a share. Now that AOL is no longer publicly traded, other owners will have a right to make the exchange for the same price. AOL went public in 1992, teamed up with Time Warner in 2001 — one of the nation’s greatest corporate disasters — and was spun off in 2009.
AOL shares appreciated 117.4% in its most recent configuration under CEO Tim Armstrong, while the benchmark Standard & Poor’s 500 appreciated 94.8%.
Armstrong continues to run his former company’s properties, reporting to Verizon Product Innovation and New Businesses President Mami Walden. Verizon Digital Media Services President Bob Toohey will report to Armstrong.
Verizon bought AOL “to be primarily a technology acquisition to enhance VZ’s mobile strategy primarily with ad-insertion capabilities, utilizing AOL’s Ad-Tech platform,” RBC Capital Markets’ Jonathan Atkin said last month after the deal was announced.