TechHive: AOL unravels its stake in Patch, a local news site that never flourished

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AOL unravels its stake in Patch, a local news site that never flourished Jan 16th 2014, 00:40, by Zach Miners AOL is relinquishing its control of Patch, an online site for local news that has struggled to turn a profit. Under an agreement announced Wednesday, Patch will become a new company operated and majority-owned by Hale Global, which is known for investing in firms and turning them around. AOL will retain a minority interest, said AOL CEO Tim Armstrong. Patch was founded in 2007 as a way to deliver news about school board meetings, local crime, and other goings-on at the local level, at a time when many other news outlets were shutting down or focusing their energies elsewhere. With a network of more than 900 sites, Patch serves more than 16 million people monthly, according to AOL, citing data from comScore. Patch will be re-launched with a number of new goals, including a mobile-first strategy, geo-targeted ads, and easier ways for local people to contribute. To read this article in full or to leave a comment, please click here Media files: patch_aol_logo-100225684-small.jpg

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