During the 1990s, AOL (NYSE: AOL) was one of the first dial-up services for the internet. Now the company is more of a media service owning brands like the Huffington Post and Tech Crunch. On Tuesday, the companies announced that Verizon (NYSE: VZ) bought AOL for $4.4 billion. According to CNN, Verizon bought AOL because it is trying to focus on a digital and videos platform. The platform will include a connected network of devices for the telecommunication part of the company. Verizon hopes buying AOL it will make $600 million in advertising revenue. "We were, as a company, essentially very interested in the platform transition to mobile," Tim Armstrong, CEO of AOL said. "There is really a platform shift happening in the world."