For once, the Huffington Post’s lead story didn’t include Sarah Palin jabs or celebrity gossip. Rather, on Feb. 7, the wildly popular online news site’s breaking story was about its very own acquisition by AOL.

AOL has agreed to purchase the Huffington Post for $315 million, approximately $300 million of which will be paid in cash funded from cash on hand. HuffPo, as it’s affectionately known, is privately owned by its two co-founders, as well as a group of investors. The transaction is expected to close in the late first- or early second-quarter 2011.

Together, the new online enterprise will have a combined base of 117 million unique visitors a month in the United States and 270 million around the world. Arianna Huffington, the Huffington Post's co-founder and editor-in-chief, will be named president and editor-in-chief of the Huffington Post Media Group, which will include all Huffington Post and AOL content, including Engadget, TechCrunch, Moviefone, MapQuest, Black Voices, PopEater, AOL Music, AOL Latino, AutoBlog, Patch, StyleList, and more.

“By combining HuffPost with AOL's network of sites, thriving video initiative, local focus, and international reach, we know we'll be creating a company that can have an enormous impact, reaching a global audience on every imaginable platform,” wrote Huffington in a blog posting entitled, ‘When HuffPost Met AOL: A Merger of Visions.’

"The acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers," said Tim Armstrong, chairman and CEO of AOL, in a statement. "Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers."