According to the recent report, AOL Inc. has decided to buy Huffington Post, the online newspaper catering to news, views and reviews from around the world for $315 million.

This news was announced on Monday. AOL is expecting to bring up a profit of $10 million and save around $20 million of its own. It has said that it has not forgotten the disastrous merger with Time Warner Inc. in 2000.

“One plus one will equal 11”, said by Tim Armstrong, CEO of AOL told NY Times. The Co-founder of the Post said that, “Tim’s and my vision are so aligned it’s a dramatic opportunity to accelerate what we do with Huffington Post.”

Arianna will now become the president and editor in-chief of the Huffington Post Media Group and AOL content. The deals will also see that Ken Lerer, lead investor, co-founder and chairperson of Post to return to AOL. He was once the EVP of AOL Time Warner.

On Monday when Jeff Zucker, Ex NBC Universal’s Chief Executive heard the news, said that he tried for 18 months to buy Post but “we could never agree on price is why it never got done.”

AOL also mentioned that the deal needs a government approval but $300 million will be paid in cash.