Verizon said Tuesday it is buying AOL for about $4.4 billion in a deal that will give the US telecoms giant increased digital content and advertising platform space.

"Taking another significant step in building digital and video platforms to drive future growth, Verizon Communications Inc. today announced the signing of an agreement to purchase AOL Inc. for $50 per share -- an estimated total value of approximately $4.4 billion," Verizon said in a statement.