Verizon Communications agreed to buy AOL in a deal valued at $4.4 billion, giving the largest U.S. wireless carrier digital content and Web advertising platforms.

Verizon will pay $50 a share, a 17 percent premium over AOL’s stock price on Monday. AOL Chief Executive Officer Tim Armstrong will continue to lead AOL’s operations after the deal is completed, the companies said Tuesday in a statement.

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, Verizon CEO Lowell McAdam said in the statement.

AOL’s shares jumped as much as 19 percent to $50.70 in early trading, above Verizon’s offer price.

Verizon said it plans to fund the deal with cash on hand and commercial paper. The transaction is expected to be completed by the end of the summer, the companies said. (Bloomberg)