Verizon Closes $4.4 Billion Purchase of AOL

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The AOL Inc. offices on February 7, 2011 in Palo Alto, California.  

You've got a new owner.

Telecom giant Verizon Communications said Tuesday that it has completed its $4.4 billion acquisition of online company AOL.

"As a result, AOL shares will no longer be traded on the New York Stock Exchange, and AOL is now a wholly owned subsidiary of Verizon," the company said.

5 Winners (and Losers) in Verizon's $4.4 Billion Purchase of AOL

AOL CEO Tim Armstrong will continue to lead AOL's operations after the closing, with Bob Toohey, president of Verizon Digital Media Services reporting to him. Armstrong will report to Marni Walden, Verizon executive vp and president of product innovation and new businesses.

"Verizon Digital Media Services uses world-class technology to help companies prepare, deliver and display digital media content, including video, web pages, applications, mobile ads and live events on any screen," the company said.

This story was first published by The Hollywood Reporter.