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AOL to buy Huffington Post for $315 million

In a bid to make itself relevant again, struggling Internet pioneer AOL Inc. announced late Sunday that it would buy the Huffington Post, the well-known news and opinion site, for $315 million in cash and stock.

As part of the deal, Huffington Post co-founder Arianna Huffington will oversee a new group responsible for bringing together all editorial content from both companies including news, technology, music and local media websites.

The deal, which was signed Sunday with approval from the boards of both companies, is something of a gamble for AOL, which is looking to reignite growth in advertising revenue.
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