Verizon (VZ) said it will acquire AOL (AOL) for $50 per share or roughly $4.4 billion, in a deal announced Tuesday. AOL CEO Tim Armstrong said: 'Verizon is a leader in mobile and OTT connected platforms, and the combination of Verizon and AOL creates a unique and scaled mobile and OTT media platform for creators, consumers and advertisers.' Last Friday, AOL released first-quarter financial results, showing a 7 percent increase in revenue. Verizon's earnings of $1.02 per share back on April 21 also eclipsed estimates by seven cents. Shares of AOL soared over 18% in pre-market trading. Verizon's stock slumped just under 1 percent.