AOL Agrees To Acquire Gravity - Quick Facts

(RTTNews) - AOL Inc. (AOL) announced that it agreed to acquire Gravity, a leading company in multi-screen content optimization and personalization and the company that created the Interest Graph, for a closing purchase price of approximately $83 million. An additional $7.7 million of consideration will be deferred and paid over two years following closing.

As part of the transaction, AOL will acquire approximately $12 million of net operating losses, which is expected to result in a future cash tax benefit to AOL of approximately $5 million.

AOL expects the acquisition to close in the first quarter of 2014.

After closing, the Gravity product and team will report to AOL Brand Group Head of Product, Luke Beatty.

Gravity was founded in 2009 by early-on MySpacers Amit Kapur, Jim Benedetto, and Steve Pearman.