AOL’s Tim Armstrong Hints at Impending Patch Partnership
When AOL’s Patch cut hundreds of employees and shuttered dozens of sites this summer, the hyperlocal news behemoth seemed headed towards the scrap heap.
But it may instead be moving towards a partnership, according to remarks made by AOL CEO Tim Armstrong at a UBS conference this morning.
“As an AOL investor, you should think about Patch 2014 and beyond as an asset with optionality for AOL. Most likely in a partnership scenario,” Mr. Armstrong told a crowded room of investors and analysts. While the situation is subject to change in the next four weeks, Mr. Armstrong said, a partnership will probably be announced soon.