Report: Google to buy 5% stake in AOL for $1B

After weeks of wrangling, Time Warner-owned America Online spurned a partnership bid by Microsoft and renewed and extended its deal with Google. Under the terms of the deal, Google will reportedly continue to operate AOL's search engine and will pay $1 billion for a 5% stake in AOL. News reports indicate the complexity of the Microsoft partnership concerned AOL executives, who were attracted by Google's recent innovations and continued dominance in the search engine space.

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