AOL Makes It Rain On The Huffington Post for $315 Million
Matt | On 07, Feb 2011
In what had to be THEE most perfect timing on the planet, AOL announced on Sunday night that it was buying the famed liberal website The Huffington Post for $315 million cash. The announcement came minutes after the SuperBowl ended, obviously while the mass attention of the U.S. was fixated at the TV.
The merger immediately got the media talking. The Huffington Post has prided itself on its liberal and mostly independent voice. AOL is a shell of its former self as an Internet powerhouse, almost put in the same mental category as house phones, dial-up Internet, and pagers. This seemed like a last-ditch effort for them to revive themselves as the go-to source for news online.
Huffington will now oversee The Huffington Post Media Group, the newly- formed AOL arm of combined HuffPo and AOL content. She will be the division’s president and editor-in-chief.
It seems that Arianna had been trying to unload her site on new investors for some time now. She had been in talks with NBC to have them buy the site, but they couldn’t agree on the price.
Well, $315 million sounds like a nice round figure to me. Let it rain money in the building!!
There are some who will say that Huffington “sold out” to the larger corporate media it tried to distance itself from. I think with every successful venture there always needs to be an exit plan. Even though she will stay on at AOL in a similar role, not everyone was meant for that entire journey.
I think for $315 million, there are more than a few of us that could try a few new business ideas. I’d like to send them my contact info in case they are ever feeling generous again. LOL!