By Daniel Hunter

US telecoms giant Verizon has bought AOL in a deal worth $4.4 billion (£2.8bn).

Verizon offered $50 per AOL share, compared to AOL's closing price of $42.59 on Monday.

AOL is famed for one of the least successful acquisitions in history. In 2000, AOL bought Time Warner for $164 billion. It was a deal that was supposed to "reinvent television", but in 2010, the two firms split.

But AOL owns a number of other businesses, including The Huffington Post, TechCrunch, advertising partnership deals with Yahoo and Microsoft, AOL email and messenger users, and about.me - a virtual CV website.