BREAKING: AOL Acquires The Huffington Post

In what has to go down as one of the best kept secrets in recent media deal making history, AOL’s Tim Armstrong and The Huffington Post‘s Arianna Huffington today completed an arrangement that will see his old guard Internet outfit acquire her new guard Internet venture for a cool $315 million. Huffington will become president and editor-in-chief of newly formed The Huffington Post Media Group, which will combine all of The Huffington Post and AOL’s diverse content (Engadget, TechCrunch, Moviefone, PopEater, etc.)