YOU'VE GOT A SALE

AOL Being Sold to Italian Company for $1.5B

The once-dominating communication platform is being sold to Bending Spoons.

AOL is being sold to Italian tech company Bending Spoons for around $1.5 billion. The New York-based platform was once a dominant internet company in the ’90s and early 2000s. At the time, the website offered innovative and user-friendly instant messaging, chat rooms, and email. The service company is now mainly used for internet privacy and protection software, along with its search engine and email platform. The financial details of the sale are yet to be released. However, earlier this month Reuters valued the sale of AOL at around $1.4 billion, while The Wall Street Journal and Axios both estimated the sale price to be closer to $1.5 billion. CEO of the acquirer, Luca Ferrari, said the company plans to “invest significantly to help the product and the business flourish.” The Italian company is known for acquiring productivity and media apps like Evernote, Remini, and WeTransfer.