Online company AOL is buying Huffington Post in a $315 million deal.
In the opinion of this economic amateur, this is a huge bargain. Huff Post has 25 million hits a day, one of them mine ... And that is not counting all the links.
Huffington Post co-founder Arianna Huffington will be in charge of all AOL content (whatever that means), and incidentally help AOL turn around its advertising side, which is not doing very well at all, the company being bogged down in its image as one of the originators of dial-up internet.
In wonderful press release garble-ese, the claim is that the deal 'will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers.'
One wonders who the hell wrote that, but it was actually spoken by AOl CEO Tim Armstrong, early Monday.
Wonder of wonders, $300 million will be paid in cash.
The imagination boggles. What will the handover actually look like? Men in black suits holding suitcases full of folding bills?
Joking aside, one wonders very seriously how this will affect the liberal political tone of Huff Post. Will it be tolerated, or even enhanced, or will something awful happen?