Verizon is buying AOL for about $4.4 billion, advancing the telecom's push in both mobile and advertising fields.

AOL owns The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com.

The acquisition gives Verizon an entryway into the increasingly competitive online video space.

Verizon Communications Inc. said Tuesday that it will pay $50 per share for the company in cash, a 15 percent premium to AOL's closing price on Monday.