Google, AOL Finalize Deal

Under the terms of the deal, Google will become the only shareholder in AOL other than Time Warner Inc. “This agreement is key to fulfilling our commitment to realize the potential of AOL’s very large online audience,” said Dick Parsons, chairman of Time Warner, in a statement.

Google and AOL said they would collaborate on video search and showcase AOL’s premium video service within the Google Video product. The companies will also expand display advertising throughout the Google network, and create an AOL Marketplace that will allow AOL to sell search advertising directly to advertisers on AOL-owned properties, according to the deal’s terms.

AOL content is to become more accessible to Google’s Web crawlers – through which users and content are matched – and AOL will receive marketing credits for its Web properties.