Net stalwart AOL will pay $315 million in cash and stock for the Huffington Post, the flourishing news site that launched in 2005 with a $1 million investment. Arianna Huffington--a co-founder and the editor in chief of the eponymous website--said of the Feb. 6 deal, "This moment will be for HuffPost like stepping off a fast-moving train and onto a supersonic jet." It's a jet that Huffington will have a significant role in piloting. As president and editor in chief of the new, all-encompassing Huffington Post Media Group, she'll also be in charge of AOL's wide-ranging content. As for AOL, this is its biggest acquisition since its ill-fated merger with Time Warner (TIME's parent company) ended in 2009.