AOL calls it quits on Tim Armstrong’s quixotic quest, ships Patch to the bone-yard — Tech News and Analysis
After six years and more than $300 million, AOL has finally called it quits on CEO Tim Armstrong’s plan to build a “hyper-local” journalism entity known as Patch, an effort that will undoubtedly go down as one of the longest-running and most expensive such projects in media history. On Wednesday, AOL sold a majority interest in the unit to Hale Global, an investment company that specializes in buying distressed assets from corporations like AOL. In other words, the bone-yard.