AOL is to pay $325 million for online mag, The Huffington Post and with it acquires founder Arianna Huffington, who will head up The Huffington Post Media Group, a newly-created subsidiary of AOL.
AOL also recently acquired TechCrunch and Engadget and is continuing to take bites out of new media companies. It dumped its more elderly Time Warner titles in a 2009 divorce.
Huffington herself assumes responsibility for Engadget and TechCrunch, in her new role.
The deal announced early this morning claims The Huffington Post counts nearly 25 million unique monthly visitors.
With its acquisition AOL wants to create "a next-generation American media company with global reach," AOL chairman and CEO Tim Armstrong said in a statement.
Ms Huffington said: "By uniting AOL and The Huffington Post, we are creating one of the largest destinations for smart content and community on the Internet. And we intend to keep making it better and better."
Writing on her bog, Huffington said the arrangement will let her "take HuffPost to the next level".