Google Inc. (www.google.com) said its $1 billion investment in America Online Inc. is a go following the completion of final details, according to AP.
Google agreed Dec. 20 to pay $1 billion for a 5% equity stake in AOL.
As part of that deal, Google will continue to provide search technology to AOL’s Internet properties worldwide. In addition the agreement will expand display advertising throughout the Google network and create an “AOL Marketplace,” enabling AOL to sell search advertising directly to advertisers on AOL-owned properties.
Google also agreed to collaborate with AOL on video searching and to showcase AOL’s premium-video service within Google Video (video.google.com).
And Google will have the right to force an initial public offering of AOL beginning July 1, 2008.