(CNBC) - You've got mail, AOL, and it's worth over $4 billion.
Telecom giant Verizon announced Tuesday it will be buying AOL for $50 per share, or about $4.4 billion. The deal will give Verizon access to AOL's content and digital advertising.
The transaction will be completed this summer and will take the form of a tender offer followed by a merger, after which AOL will become a wholly owned subsidiary of Verizon, the company said.
"Verizon's acquisition further drives its LTE wireless video and OTT (over-the-top video) strategy," Verizon said in a statement.
Tim Armstrong, AOL's chairman and CEO, will remain at his position once the deal is finalized.
"Verizon is a leader in mobile and OTT connected platforms, and the combination of Verizon and AOL creates a unique and scaled mobile and OTT media platform for creators, consumers and advertisers," Armstrong said in the release.