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Telecom giant Verizon is set to buy AOL for $4.4 billion in cash.

Verizon is buying the one-time Internet powerhouse for its mobile video advertising technologies as the telco looks to expand its activity in that sector. AOL chairman CEO Tim Armstrong will remain at the helm.

The deal values AOL at $50 a share. Verizon chairman-CEO Lowell McAdam emphasized the company’s goal of diving deeper into the video business. AOL’s in-house systems will help Verizon in its goal of creating a “global multiscreen” network giving consumers easy wireless access to content in the home and on the go.

“AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new course together in the digitally connected world. At Verizon, we’ve been strategically investing in emerging technology, including Verizon Digital Media Services and OTT, that taps into the market shift to digital content and advertising. AOL’s advertising model aligns with this approach, and the advertising platform provides a key tool for us to develop future revenue streams,” said Verizon chairman-CEO Lowell McAdam.