Verizon has agreed to buy AOL for $4.4 billion. This will have it paying $50 a share for the company and Armstrong is the largest individual shareholder. His shares are worth roughly $84 million and he spent $25 million to to reach that point, which means he’d make $59 million from the deal, reports The Wall Street Journal.
Armstrong’s financial gain doesn’t stop there. He’s also signed a long-term deal with Verizon that grants him certain stock options after a year for staying with the company. These options are worth right around $120 million, which brings his total profit to about $179 million, WSJ notes.
AOL has tempered itself into a company with a strong focus in advertising over the years. This is likely Verizon’s main reason for acquiring the company as it would make placing ads with its streaming videos much easier.
VZ shares were up slightly as of Noon Thursday.