AOL France's internet access business, which has 500,000 broadband customers, will be sold to French telecommunications network operator Neuf Cegetel for about $365 million in cash, and AOL will begin to provide content and online ad sales management to all of Neuf Cegetel's internet portals.

The deal strengthens AOL's position as a content and advertising provider in Europe, writes the Associated Press. AOL and Neuf Cegetel will share advertising and other revenue from the portals. The French company will focus on converting AOL dial-up subscribers to broadband.

The French version of AOL will continue to operate. AOL customers will gain access to Neuf Cegetel services, such as DSL TV and Wi-Fi phone service.