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WASHINGTON (Reuters) – AOL Inc has united to acquire The Huffington Post, the important and apace ontogeny news, psychotherapy and style website, for $315 million, the U.S. cyberspace company declared on Monday.

The advise module create a media assemble that module hit a compounded humble of 117 meg visitors a period in the United States, and accomplish 270 meg grouping globally, AOL said in a statement.

Arianna Huffington, co-founder and editor in chief of The Huffington Post, module advance a new formed The Huffington Post Media Group, which module consortium all Huffington Post and AOL content, AOL said in a statement.

Approximately $300 meg module be paying in cash in the acquire that has been approved by the boards of directors of both companies and shareholders of The Huffington Post, it said.

The deal, due to be closed in the New first, or early ordinal quarter of 2011, module consortium AOL's infrastructure and scale with The Huffington Post's pioneering move to programme and innovative accord building, AOL said.

"The acquisition of The Huffington Post module create a next-generation dweller media company with global accomplish that combines content, community, and social experiences for consumers," said Tim Armstrong, Chairman and CEO of AOL.

"Together, our companies module acceptation the digital future and embellish a digital destination that delivers unpaired experiences for both consumers and advertisers," he said.

AOL said the acquisition module qualify its strategy to have an clothing of premium news, psychotherapy and entertainment.

"By uniting AOL and The Huffington Post, we are creating digit of the largest destinations for sharp noesis and accord on the Internet," said The Huffington Post's co-founder and chairman, Kenneth Lerer.

The Huffington Post, which began in 2005, has grown into digit of the most heavily visited programme Web sites in the United States.

(Reporting by Sakthi Prasad in Bangalore; Editing by Vinu Pilakkott and Anthony Boadle)

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