AOL Inc., the Internet portal site in the midst of transforming itself, said Tuesday that it has brought its online video library assets under one division called AOL Video.

      The company, which spun off from Time Warner Inc. nearly a year ago, said the move was part of its effort to focus on this fast-growing Internet segment.

      "We have no doubt that video is the future of content on the Web, and AOL's goal is to be the market leader at every point on the value chain," said David Eun, president of AOL Media & Studios.

      AOL said its video streams more than doubled to 493 million in October from 192 million in July.

      In the first half of the year, AOL has closed deals with more than 20 content partners and digital studios to deliver programming to its online audience, including partnerships with former Disney CEO Michael Eisner's Vuguru and former NBC entertainment co-chair Ben Silverman's Electus.

      The company also said that Ran Harnevo, co-founder of recently acquired 5min Media, will oversee AOL Video as senior vice president. He will lead the development of a single online video distribution and syndication platform, and report to Eun, it said.

      AOL shares fell 56 cents, or 2.2 percent, to close at $24.67 on Tuesday.

Source from ABC News

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