Google to buy 5% of AOL

Reported at the NYT:

Time Warner has agreed to sell a 5 percent stake in America Online to Google for $1 billion as part of an expanded partnership between AOL, once the dominant company on the Internet, and Google, the current online king.

While the deal terms are largely set, it will not be final until it is ratified by the Time Warner board on Tuesday, according to an executive who was briefed on the negotiations.