Patch isn’t dead, and AOL isn’t officially done with it. But Tim Armstrong’s big bet on local news has come to an end: The AOL CEO is handing over Patch to investment fund Hale Global, which will run the network of news sites.
The deal is structured as a joint venture, and AOL will hold on to a small stake. But Hale will control and operate the company, and AOL will no longer have to fund Patch’s losses, which Armstrong had promised would stop by the end of 2013 but didn’t.
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