Internet and media company AOL Inc. (NYSE: AOL) said it has closed its acquisition of news and opinion site The Huffington Post, creating a premier content network with local, national and international reach.

The new group will have a combined base of 117 million unique visitors a month in the United States and 253 million around the world.

AOL, which owns sites such as Engadget and TechCrunch, said it will integrate The Huffington Post with all AOL Media and AOL Local properties to create the Huffington Post Media Group.

Arianna Huffington, who co-founded Huffington Post along with Kenneth Lerer, and Jonah Peretti in May 2005, has been named President and Editor-in-Chief of the new Huffington Post Media Group.

In February, AOL had agreed to purchase The Huffington Post for $315 million.