US telecommunications giant Verizon has agreed to buy AOL in a deal worth $4.4bn (£2.8bn), the company has announced.

Verizon is offering $50 a share for AOL, compared with AOL’s closing price of $42.59 on Monday.

The assets of US internet firm AOL include its dial-up subscription business.

The deal also includes websites such as the Huffington Post, Techcrunch, Engadget, Makers and

Verizon said the acquisition would give impetus to its 4G wireless video and internet video ambitions, and also feed into its plans for capitalising on the so-called “internet of things”.

AOL chief executive Tim Armstrong will continue to lead the firm if the deal goes through – the transaction is subject to regulatory approval.

“We are excited to work with the team at Verizon to create the next generation of media through mobile and video,” Mr Armstrong said.

Source BBC News