Google to buy 5 percent of AOL for $1 billion SEARCH BEHEMOTH BEATS OUT MICROSOFT FOR DEAL
...As of this afternoon, the deal was not yet final. The source characterized it as a "handshake agreement over a term sheet," agreed to Thursday night in the offices of Time Warner, AOL's parent company.
But the source said both parties planned to hammer out the final details over the weekend in the hopes of making an announcement Tuesday. Time Warner's board of directors is scheduled to meet Tuesday to discuss the deal.