U.S. telecom giant Verizon has announced the completion of its AOL acquisition, as expected, for $50.00 per share. This effectively means that AOL shares are no longer being traded on the New York Stock Exchange, and AOL is officially a Verizon subsidiary.

News of the proposed acquisition first broke last month, though rumors of the deal had been circulating for some months. While Verizon is better known for its Internet and telephone services, the company is evidently keen to push on with plans to become a content-focused media company, and monetize through videos and ads — which is AOL’s forte.

Indeed, AOL may be one of the oldest brands on the Web and is still synonymous with dial-up Internet, but its growth as a media company, with original video content and programmatic advertising technology, is what likely appeals to Verizon.

Verizon also revealed today that AOL CEO Tim Armstrong will head up AOL operations in an “expanded role,” with Bob Toohey, president of Verizon Digital Media Services, reporting to Armstrong.