In a surprise move over the weekend, AOL announced that it had agreed to buy The Huffington Post for $315 million.

Arianna Huffington will serve as editor-in-chief of all content within AOL, including blogs like Engadget and TechCrunch, Patch, and the Huffington Post itself (which as far as we know is not going anywhere).

Kara Swisher has been all over coverage of the deal. In her report, she notes that Huffington Post CEO Eric Hippeau will not be staying with the company, nor will Chief Revenue Officer Greg Coleman. The other 200 Huffington Post employees will make the transition to AOL, though the mothership may be cutting staff in the months ahead.

The New York Times adds that AOL’s own news sites like Politics Daily are “likely to disappear when the deal is completed, and many of the writers who work for those sites will become Huffington Post writers.”