MUMBAI: Online media company AOL will acquire news blog service, The Huffington Post, for $315 million.

The Huffington Post‘s co-founder and Editor-in-chief Arianna Huffington will be named president and editor-in-chief of The Huffington Post Media Group, which will include all Huffington Post and AOL content. 
 
The deal has been approved by boards of directors of each company, but the proposed transaction is subject to routine closing conditions, including receipt of government approvals.

Huffington Post is popular for its political coverage, with a left-of-center bent, as well as blogging about entertainment, sports and local news in some markets. 
 
The transaction is expected to close in the late first or early second-quarter of this year.

Recently, AOL has been on a shopping spree.

Last year the company acquired the blog network TechCrunch, the online video distributor 5Min Media and social media company Thing Labs.