AOL just bought news site Huffington Post for $315 million—$300 million in cash. HuffPo founder Arianna Huffington will become editor of all AOL "content properties." That sound you just heard was the whole internet going "Whaaaaat?"

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Somewhere, right now, Tina Brown is trying to sell The Daily Beast to Compuserve. Huffington and AOL CEO Tim Armstrong, who are both in Dallas for the Superbowl (again, whaaat) sat down with All Thing D's Kara Swisher in the video to your left. Apparently, Armstrong approached Huffington last November, and made the official offer quickly thereafter, in January of this year (while Huffington was in Davos, natch).

What changes? As part of the deal, HuffPo CEO Eric Hippeau and Chief Revenue Officer Greg Coleman will both leave the company. Huffington will now be heading up sites like TechCrunch and Engadget (this should be fun to watch, given TechCrunch editor Michael Arrington's recent troubles with his bosses). And, excitingly, Huffington is moving to New York City! You know where to send blurry cell phone pictures. (Arianna: Drop me a line; I might have a lead on a room in Crown Heights.)

Swisher writes that Huffington and Armstrong's "motto" is "One plus one equals 11." Which, ha, Huffington better hope that's true if her writers are going to make AOL's insane pageview targets. To that effect, AOL content will be "integrated deeply" into the HuffPo site—alongside terrific HuffPo content like "What Time Does the Superbowl Start?" and "How to Date an Indian (Advice for the Non-Indian)." The new media landscape is going to rule.