|Arianna Huffington & Mr. Will-W.|
Congratulations to Arianna Huffington and The Huffington Post! The news website is one of the most widely-read in the World and it was announced midnight that it has been acquired by AOL.
The deal is for a total $315 million US. The New York Times reports that $300 of this will be paid in cash, while the remainder $15 million is in AOL shares. It has been said that AOL over the past ten years has lost its lustre as a go-to authority for News, thus this move looks to help them improve their brand in that regard.
The Huffington Post was co-founded in 2005 by Huffington and Kenneth Lerer on a $1 million investement. Despite being privately owned and not under any obligation to report profits/losses, the Company reportedly made $60 million in 2010. Wow.
The lovely Huffington, who I was lucky enough to meet in Toronto late November, will now be overseeing AOL's editorial content on a national and local level as the President and Editor-in-Chief of what is now known as The Huffington Post Media Group.