Verizon Communications (VZ) on Tuesday announced it plans to acquire Internet service provider (ISP) AOL for a whopping $4.4 billion in cash. Verizon will pay $50 per share for AOL, with the deal expected to close this summer.

The deal is expected to help Verizon expand its video offerings as the mobile phone giant looks to become a leader in what it calls its “over-the-top” video strategy, with additional support for Verizon’s Internet of things (IOT) platform and television content distributed through the Internet, according to The New York Times.

AOL, which is known for its infamous “You’ve Got Mail” sound byte and the company’s purchase of Time Warner in 2000, was formerly the largest Internet services provider in the country during the dial-up era. However, the company has since fallen from grace, and is mostly known as the proprietor of the Arianna Huffington-run e-publication The Huffington Post and for its purchase of companies including TechCrunch and Engadget.

“Verizon’s vision is to provide customers with a premium digital experience based on a global multi-screen network platform,” said Lowell C. McAdam, Verizon’s chief executive, in a statement. “This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience.”

The acquisition will see AOL become a wholly owned subsidiary of Verizon upon completion, according to the announcement. AOL Chairman and CEO Tim Armstrong will continue to lead AOL operations after the deal closes.

The acquisition is evidence of Verizon’s differing strategy from other telecom giants like AT&T (T) as the company looks to separate itself from the competition, said Jennifer Fritzsche at Wells Fargo. The purchase is expected to provide Verizon with a slew of new online advertising platforms, mostly due to AOL’s nearly $600 million in advertising revenue.

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