Verizon Completes AOL Buy Just 42 Days After It Was Announced

Verizon Communications said Tuesday that it completed the purchase of all the outstanding shares of AOL Inc. , as part of an tender offer that expired at 11:59 p.m. Eastern. As a result, AOL has become a wholly-owned subsidiary of Verizon, just 42 days after the agreement was announced before the market opened on May 12. AOL Chief Executive Tim Armstrong will continue to lead AOL operations, but report to Marni Walden, an executive vice president of product innovation and new businesses at Verizon. Verizon's stock rose 0.6% in morning trade, and has gained 2.3% year to date, while the Dow Jones Industrial Average has advanced 1.8%.