In a bold and definitive move, AOL is paying $315 million in cash to buy the Huffington Post, one of the Web’s most prominent news and opinion sites.
As part of the deal, Huffington Post Co-founder Arianna Huffington (pictured here)–who was derided by some when she co-founded the left-leaning site in 2005 with investor and well-known communications exec Kenneth Lerer–will become president and editor-in-chief of the Huffington Post Media Group within AOL.
The deal was signed late this afternoon and the boards of directors of each company and shareholders of the Huffington Post have approved the transaction.