NEW YORK (AP) - June 11, 2009 AOL purchased Patch Media Corp. and Going Inc., which operate
Web sites tailored to different cities, for less than $10 million
apiece. New York-based Patch runs sites offering local news and
general information. Going, which is based in Boston, runs sites
revolving around local events.
The acquisitions announced Thursday are the first since former
Google advertising executive Tim Armstrong joined AOL as chief
executive in April.
Armstrong is an investor in Patch. AOL says Armstrong will not
earn a profit from the deal but his initial investment will be
repaid in AOL stock once Time Warner Inc. spins AOL off later this
year.
Follow Action News on Twitter
Get Action News on your website
Follow Action News on Facebook
Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.
Copyright © 2024 WPVI-TV. All Rights Reserved.
