Verizon’s $13 billion acquisition of AOL has been approved by the FCC.
The deal will allow Verizon to expand its internet services, and to acquire other internet companies, including AOL, which has been under intense antitrust scrutiny in recent years.
Verizon’s purchase of AOL came after the merger was approved last year by the Federal Communications Commission, and it was announced this month.
Verizon will be the second-largest cable provider after Comcast, and its acquisition of the company will create a monopoly over internet services in the country.
“Verizon has made a bold strategic investment in the American internet and cable market by acquiring the world’s leading internet service provider,” FCC Chairman Tom Wheeler said in a statement.
“Verizon will continue to invest in innovation and build on our existing network and network upgrades to meet the demands of today’s modern internet users.”
The deal will create Verizon as the second most valuable cable company in the United States, behind Comcast, according to Bloomberg.
Verizon is also the second biggest broadband provider in Europe, behind AT&T, according the Financial Times.
AOL has been facing antitrust scrutiny over the past few years, particularly over its deal with Time Warner Cable.
The merger will give Verizon the second and third largest cable and internet companies in the world.
AOL is best known for the online magazine it launched in 2004.
Verizon has had some of the biggest hits in internet technology history, but has also faced a slew of regulatory and legal challenges.
The FCC is expected to approve the deal, which was announced on Monday.