THIS MORNING, VERIZON announced that it would acquire AOL for $4.4 billion, or roughly a third of a Snapchat. Set your dial-up jokes aside for a minute; this deal makes perfect sense. Just maybe not for the reasons you might think.
When you think of AOL, if you do at all, it’s likely either for the company’s legacy of peddling internet access via mail-order DVDs, or its stewardship of prominent media entities like the Huffington Post, TechCrunch, and Engadget. Either would seem like a strange fit for Verizon, especially at that price. But if AOL is a city, these are just its buildings and billboards. Verizon’s in it for the infrastructure underneath.
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