AOL, the once-dominant internet pioneer, is being sold to an Italian tech company.
Bending Spoons is acquiring the web portal and email provider from Yahoo, which is itself owned by private equity firm Apollo Global Management.
The Milan-based company, which owns productivity and media apps such as Evernote and Remini, has raised $2.8 billion in debt financing to help fund the acquisition and support other investment ventures, according to a news release on Wednesday.
While the financial details have not been disclosed, Reuters reported earlier this month that the sale of AOL was expected to be valued at about $1.4 billion, while the Wall Street Journal and Axios both reported the price at $1.5 billion.
Bending Spoons, which specializes in acquiring and transforming digital businesses, says it plans to revamp and retain AOL, rather than sell it, honoring its “hold forever” strategy for acquired businesses.
“AOL is an iconic, beloved business that’s in good health, has stood the test of time, and we believe has unexpressed potential,” Bending Spoons CEO and co-founder, Luca Ferrari, said in a statement.
“By our estimation, AOL is one of the top ten most-used email providers in the world, with a highly retained customer base counting around 8 million daily and 30 million monthly active users. We intend to invest significantly to help the product and the business flourish,” he added.
AOL’s main operations now center on internet privacy and protection software, along with its longstanding AOL.com website and email service, which continue to drive user engagement and revenue.
The company reportedly generates around $400 million in annual EBITDA and over $500 million in revenue, sources told the Wall Street Journal.
“We intend to invest significantly to help the product and the business flourish,” Ferrari continued in his statement. “Bending Spoons has never sold an acquired business—we’re confident we’re the right long-term steward for AOL, and look forward to serving its large, loyal customer base for many years to come.”
Founded in 2013, Bending Spoons also owns platforms including Komoot, Meetup, Remini, StreamYard, and WeTransfer. In September 2025, the company announced a definitive agreement to acquire Vimeo, with the deal expected to close in the fourth quarter of 2025, pending stockholder and regulatory approvals. The Italian company is said to be named after a scene in the scifi movie The Matrix.
Its products have reached over a billion users, with 300 million monthly active users and 10 million paying customers, including many Fortune 500 companies, according to the news release.
AOL, once a symbol of the early internet era, gained fame in the late 90s through its AIM chat service and the free-trial CDs that introduced millions of users to the web.
Its cultural prominence peaked with the 1998 romantic comedy You’ve Got Mail, which popularized the brand’s signature email greeting. The company officially ended its dial-up internet service just last month, on September 30, closing a defining chapter in its history.
AOL’s corporate journey has included several high-profile ownership changes. In 2001, it merged with Time Warner in a $100 billion deal that led to regulatory scrutiny and massive financial write-downs.
Verizon later acquired AOL for $4.4 billion in 2015, followed by its $4.8 billion purchase of Yahoo in 2017. The telecom giant wrote down about half the value of both brands in 2018.
In 2021, Apollo Global Management bought AOL and Yahoo together for $5 billion, setting the stage for AOL’s latest sale to Bending Spoons.
