On Monday, The Huffington Post announced that AOL agreed to acquire them for a whooping $315 million, a noteworthy sum for an online media property.

Approximately $300 million will be paid in cash funded from cash on hand. The transaction, pending customary regulatory approval, is expected to close in the late first- or early second-quarter 2011.

In a join statement, AOL and the privately-held publication announced the creation of The Huffington Post Media Group, a new media outlet incorporating all Huffington Post and AOL content and led by the Post’s editor-in-chief Arianna Huffington, pictured on the right campaigning for Governor of California in 2003. As a result, 60-year-old Huffington will oversee all AOL’s media properties in the new group.

The combined media group will reach 117 million Americans and draw about 270 million eyeballs globally. AOL will contribute to the new group with its portfolio of news sites that includes Engadget, TechCrunch, Moviefone, MapQuest, Black Voices, PopEater, AOL Music, AOL Latino, AutoBlog, Patch, StyleList and more.

Last December comScore tracked about 25 million unique visitors for The Huffington Post website and counted about four million monthly comments. If The Huffington Post isn’t already a part of your daily news routine, maybe it should be. This progressive news site was founded in May of 2005 by Greece-born Arianna Huffington, Kenneth Lerer and Jonah Peretti.

The Huffington Post couples content aggregated from other sites with original stories, opinionated analysis and trademark columns covering everything from technology, media and business to politics, entertainment, comedy, lifestyle and more. Avid readers shouldn’t worry because The Huffington Post will still publish stories they love at the same URL, it’s just there’ll be a lot more AOL content augmenting the Post’s reporting, like local news, tech, entertainment, finance and lots more video.

Source: The Huffington Post