AOL, Patch's parent company, agreed on Monday to acquire The Huffington Post, a progressive news website founded in 2005 featuring a variety of content, columnists and bloggers from dozens of news sources.
Tim Armstrong, CEO of AOL, said today that the $315 million acquisition is a major step in the comeback of AOL.
"The Huffington Post [is] one of the most exciting, influential, and fastest growing properties on the Internet," Armstrong said in a statement. "We believe in brands, quality journalism, and the positive role of communities in the world, and The Huffington Post shares our values and the combination of the two companies will create the premier global and local media company on the Internet."
Armstrong called The Huffington Post's co-founder Arianna Huffington "a world-renowned expert on women’s topics and issues"
"This has enabled The Huffington Post to grow rapidly by continually developing new audiences," he said. "Arianna and team have created a brand and a destination that focuses on the consumer experience. By combining The Huffington Post with AOL’s network of sites, thriving video offerings, local expertise and enormous reach, we will create a company that is laser-focused on serving our audiences across every platform imaginable – social, local, video, mobile and tablet."
Armstrong added that the combination of the two companies will create a scaled connection between global and local communities — such as those featured across the country on ever-sprouting Patch websites — on one platform.
"This will create a new way for people to get local and global information in a timely and entertaining way," he said.
To see the official release about the acquisition, click here: http://corp.aol.com/2011/02/07/aol-agrees-to-acquire-the-huffington-post/