Trending

Filed under: News

 

AOL Hands Off Patch To Turnaround Firm Hale Global

Jan 15 2014, 5:21pm CST | by

AOL Hands Off Patch To Turnaround Firm Hale Global
Photo Credit: Forbes
 
 
 

This is the way the saga of Patch and AOL ends: Not with a bang, nor with a whimper, but with a “Huh?”

Pressed to find a buyer or partner for his beloved network of community news sites, AOL chairman Tim Armstrong has struck a deal with Hale Global, an investment company that specializes in turnarounds. Patch will become the property of a new joint venture controlled by Hale, with AOL retaining only a minority stake.

It’s not exactly the kind of resolution Armstrong hinted at in November, on AOL’s last earnings call, when he said, “Patch has held a number of partnership conversations with partners and has received interest at a national, regional and local level.”

On its bare-bones website, Hale Global describes itself this way: “We specialize in creating value operationally in businesses facing strategic, financial, product, and other challenges. In addition to capital, we bring to these troubled situations extensive turnaround skills, deep operational benches, in-house software and mobile development teams, extreme transactional speed, and certainty of close.”

Extreme transactional speed and certainty of close are two things that must have held no small appeal for Armstrong, who had long been promising investors that he would solve the Patch problem one way or another by the end of 2013.

In a memo to AOL employees (published by Re/code), Armstrong described the deal as a “pivot.” In fact, he used the term seven times. He also said this:

Hale Global is a private company that has a successful track record of investing and growing technology assets, and we believe they are very well positioned to nurture and grow Patch. Hale has made investments in local commerce and platforms, and they have a strong team of leaders and technical expertise. Hale’s CEO, Charlie Hale, is a strong believer in the power of local, local platforms, and local storytelling.

Source: Forbes

You Might Also Like

Updates

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/31" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

 

Comments

blog comments powered by Disqus

Latest stories

John Mellencamp Unhappy with Wisconsin Gov. Walker
John Mellencamp Unhappy with Wisconsin Gov. Walker
He is upset about his song choices for campaign
 
 
Canon EOS Remote App Offers an Amazing Photography Sessions to iPhone Users
Canon EOS Remote App Offers an Amazing Photography Sessions to iPhone Users
Canon EOS Remote App comes with great hopes by iPhone users. The app makes photography easy and simplified right from your device. Check it out...
 
 
Robin Thicke Sexiest Man Alive
Robin Thicke Sexiest Man Alive
Date rape song big hit for him
 
 
MLB Match Preview: Cleveland Indians vs. Detroit Tigers
MLB Match Preview: Cleveland Indians vs. Detroit Tigers
Detroit Tigers is set to claim its perfect winning streak when they take on Cleveland Indians on Wednesday night. The match kicks off at exactly 7PM and you don't have to miss it out.
 
 
 

The Hottest Photos of Victoria's Secret Fashion Show 2013

 

Viral Stories the Web