AOL to pay £222m for Huffington Post

US internet firm AOL has sealed a buyout of the Huffington Post online newspaper for $315m (£222m).

The deal will create an internet media group with 270m users.

The cash will be paid to co-founders Arianna Huffington and Kenneth Lerer as well as a few handful of shareholders.

Huffington will head the combined firm's content division.

This means she will take on responsibility for AOL sites such as Engadget and Techcrunch, as well as retaining her current role at the centre-left website she helped set up in 2005.

"The Huffington Post will continue on the same path we have been on for the last six years - though now at light speed - by combining with AOL," said Huffington and AOL in a joint statement.