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Verizon completes AOL acquisition, readies mobile video service

With its acquisition of AOL complete, Verizon (VZ) is preparing to launch its mobile video service later this summer. The telecommunications giant completed its acquisition of the online company six weeks after the announced deal. (AOL) is now a subsidiary of Verizon and will no longer be traded on the New York Stock Exchange.Verizon Plans To Buy TV Service of Intel

Verizon shares were up 1% Tuesday to $48.01. Now that the companies are combined, Verizon is set to begin “the next chapter in our history where we intend to become the number one global media technology company for creators and advertisers and consumers on a scaled, mobile-first platform,” Verizon executive vice president and president of product innovation Marni Walden said Tuesday on a conference call with analysts and journalists.

“Our vision is to provide customers with a premium digital experience based on a global multiscreen platform,” she said. AOL’s advertising technology makes the company “an exceptional fit with Verizon’s focus on launching ad-supported over-the-top video,” Walden said. She offered a few specifics about the new service saying that it will be available on WiFi and competitors’ networks but will run better on the Verizon network. In addition to emerging Web content, the network will offer live events including sports and music

Mobile video is of utmost importance because “we believe mobile will represent 80% of consumers’ media consumption in the coming years,” said AOL CEO Tim Armstrong, who will report to Walden and continue to run AOL operations. “The Verizon-AOL partnership will allow us to capture that shifting opportunity,” he said.