*The equivalent of an earthquake just rumbled through the online publishing world with the news that Arianna Huffington is selling the left leaning Huffington Post blog/Internet newspaper to AOL Inc. for $315 million in cash.
The deal, which both parties announced Sunday evening, will move the co-founder of HuffPost to the position of president and editor in chief of a new Huffington Post Media Group division at AOL.
The purchase will increase AOL’s news portfolio as it competes against Yahoo’s growing online news publication profile and Google’s news efforts, as well as traditional media companies online, reports the LA Times.
Additional AOL news websites will fall under Huffington’s control as well.
“By combining HuffPost with AOL’s network of sites, thriving video initiative, local focus, and international reach, we know we’ll be creating a company that can have an enormous impact, reaching a global audience on every imaginable platform,” Arianna Huffington said in a blog posting Sunday evening.
It’s not immediately clear what effect this deal will have on AOL’s Black Voices or Huffington Post’s recently announced plans to create an African American targeted venture called Global Black in partnership with BET co-founder Sheila Johnson.