Where did AOL come up with $315 million?
Betting on News, AOL Is Buying The Huffington Post (emphasis added)
The Huffington Post, which began in 2005 with a meager $1 million investment and has grown into one of the most heavily visited news Web sites in the country, is being acquired by AOL in a deal that creates an unlikely pairing of two online media giants.
The two companies completed the sale Sunday evening and announced the deal just after midnight on Monday. AOL will pay $315 million, $300 million of it in cash and the rest in stock. It will be the company’s largest acquisition since it was separated from Time Warner in 2009.
AOL is not the most solid company around; it’s laid off thousands of employees, shows no profit and pays no dividends. It has 106 million shares outstanding, currently trading at $21.39 (down since the announcement of the purchase) in the NASDAQ, and this deal will cost $3 per share outstanding.
HuffPo is not publicly traded.
So, my question is, Where did AOL come up with $315 million?