Google acquires stake in AOL
Google and America Online Tuesday expanded their search and advertising alliance to include video and instant messaging, shutting out Microsoft, which had fought hard for a deal with Time Warner’s AOL unit.
America Online said Google had agreed to invest $1 billion to take a 5 percent stake in AOL, as part of an enhanced pact where Google will move beyond text-based advertising to allow AOL to sell graphical ads to Google’s fast-growing ad network.
Read the complete story here. (Reuters via CNN)
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