FAIRFIELD COUNTY, Conn. -- AOL announced it has given up its controlling interest in Patch.com, a national hyperlocal website that includes coverage of several communities in Fairfield County, to Hale Global, a holding company, according to Business Insider.
Nationwide, Patch.com consists of 900 local news sites. AOL made a significant financial investment, but wasn't able to make it profitable by the end of 2013, as was AOL CEO Tim Armstrong's claim, Business Insider reported.
Details of the deal between AOL and Hale Global have not yet been disclosed, according to Business Insider.
Daily Voice founder and CEO Carll Tucker issued a statement about the news:
“Daily Voice and AOL-Patch began at about the same time with the same ambition – to deliver quality community news online to towns and villages and smaller cities across America. AOL-Patch got big fast. Daily Voice chose to develop a profitable model before propagating it," Tucker said.
“Daily Voice competes with countless contenders for our visitors’ time and attention. Patch was only one of many. With more than half a million unique monthly visitors in Westchester and Fairfield, Daily Voice is now the region’s largest news provider. We look forward to serving our visitors and customers better and better in the future.”