By Christopher Rosen
Updated May 12, 2015 at 12:58 PM EDT
Justin Sullivan/Getty Images

Verizon announced on Tuesday that it will buy AOL for $4.4 billion in cash and commercial paper.

“AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new course together in the digitally connected world,” Verizon chairman and CEO Lowell McAdam said in a statement. “At Verizon, we’ve been strategically investing in emerging technology, including Verizon Digital Media Services and OTT, that taps into the market shift to digital content and advertising. AOL’s advertising model aligns with this approach, and the advertising platform provides a key tool for us to develop future revenue streams.”

AOL chairman and chief executive Tim Armstrong echoed that sentiment in his own statement.

“The visions of Verizon and AOL are shared,” Armstrong said. “The companies have existing successful partnerships, and we are excited to work with the team at Verizon to create the next generation of media through mobile and video.”

Armstrong also released a memo to staffers about the merge.

Armstrong’s full letter can be read at Techcrunch.