NEW YORK (AP) -- AOL said Thursday that it reached a deal to buy Web content personalization company Gravity for an initial price of about $83 million.

As part of the deal, $7.7 million will be deferred and paid over two years after the deal closes. AOL said it also will acquire about $12 million of net operating losses, which is expected to result in a future cash tax benefit of $5 million.

The deal is expected to close in the first quarter of 2014.

Gravity helps personalize the Internet experience by applying a customized filter to the continuously growing volume of digital information. Its technology creates interest graphs based on individuals' interests, preferences and habits and allows publishers to offer readers a customized selection of editorial and advertising content.

AOL said the addition of Gravity will help it create more engaging, relevant and valuable experiences for consumers, advertisers and publisher partners.