Deals
AOL Chief Says Firm Shopped Buyout Deals to Google, Facebook
- Verizon’s $4.4 billion bid was ‘good deal,’ Armstrong says
- Former AOL investors sued, claiming they were shortchanged
Tim Armstrong, chief executive officer of AOL Inc.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
AOL Inc. sought to cut a deal with online rivals Google Inc. and Facebook Inc. before agreeing to a $4.4 billion buyout by Verizon Communications Inc., the company’s top executive told a Delaware judge.
The New York-based company was plagued by operational problems and losing market share in 2015 when Verizon offered $50 per share to get access to its ad technology, Tim Armstrong, told a Delaware Chancery Court judge on Wednesday. Armstrong testified in a lawsuit filed by investors who claimed they were shortchanged in the deal.