AOL Surrenders Control of Patch via Joint Venture

AOL has given up controlling interest in Patch through a joint venture with a private equity company, relieving the Internet portal of its high-profile but low-return local news platform property.

Patch will become a limited liability company operated and majority owned by Hale Global, a company that specializes in turning around troubled technology businesses. AOL will keep a minority position in Patch.

“Hale Global has a strong track record of operational excellence and platform experience, and we are looking forward to working closely with them on Patch,” said AOL CEO Tim Armstrong in a press release Read more...