Google Confirms $1Bn Stake in AOL
Online search engine Google has confirmed it will invest $1bn to take a 5% stake in Time Warner‘s AOL unit as part of a major strategic alliance.
The deal, which follows intense negotiations between the two US internet giants, values the troubled AOL unit at $20bn.
The global online advertising partnership will make more of AOL‘s content available to Google users.
The agreement shuts out software giant Microsoft from a rumoured AOL tie-up.
“We’re very pleased to build significantly on our special relationship with Google,” said Time Warner chief executive Dick Parsons.
Read more at the BBC »
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