According to Business Week, AOL has acquired pay per click search engine Quigo for a reported $300 million. The acquisition includes the AdSonar and Feedpoint platforms.
Quigo has been serving up ads for a number of Time.com properties, and with the success they have been having, saw the potential and went forward with the purchase.
The deal which is expected to close later this year, will allow for expansion of their contextual advertising on AOL as well as their partner sites. For the time being, Google will continue to provide AdWords ads alongside AOL search results.