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Huffington Postco-founder and editor-in-chief Arianna Huffingtonannounced shortly after midnight, Eastern time, that AOL( AOL) is purchasing the news site, mere months shy of Huff Post's sixth birthday, for $315 million, of which approximately $300 million will be paid in cash.

Arianna Huffington, who helped found the site in May of 2005, will gain expanded responsibility: she has been named president and Editor-in-Chief of The Huffington Post Media Group, overseeing not just Huff Post but also existing AOL properties including Engadget, MapQuest and Moviefone, according to AOL's press release on the matter.