Illustration by Mike Nudelman This isn't Patch's actual mascot
AOL just put out a press release announcing that it has given up controlling interest of Patch to Hale Global, a holding company.
In the deal, AOL will contribute Patch into a new limited liability company, which will be operated and majority owned by Hale Global.
Here are canned quotes from Armstrong and Charles Hale, who runs Hale Global:
"We are committed to bringing users, local businesses, writers and advertisers together into a Patch experience full of innovation and growth," said Charles Hale, CEO of Hale Global. "Along with AOL, we are committed to taking the necessary steps to ensure Patch remains a vibrant part of the community."
"We are impressed by the commitments from Patch and AOL to serve communities and advertisers and look forward to working together to achieve our shared long-term vision."
"Patch is an important source of information for communities, and the joint venture we created has a unified mission to provide local platforms and hyper-local content," said Tim Armstrong, Chairman and CEO of AOL. "AOL has established leading positions in attractive scaled opportunities including video, brands, advertising and subscriptions by making bold bets and strategically investing in these high-growth opportunities -- and local will be a growth space during the next decade of the Internet."
Patch almost cost Tim Armstrong his job a couple years ago.