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Patchy

United States

#1 Jan 15, 2014
Ha, AOL has had it with lazy editors not doing their jobs, so it has sold off Patch to a crappy turnaround company. Word is that many, many editors will be fired in the coming months.....tick tock.
Patchy

United States

#2 Jan 15, 2014
From Reuters, where REPORTERS work!

AOL surrenders control of troubled local websites Patch

By Jennifer Saba

NEW YORK (Reuters)- AOL Inc is handing majority ownership of Patch, a money-hemorrhaging network of local news websites, to New York investment firm and turnaround specialist Hale Global, the companies announced on Wednesday.

In a joint venture, AOL will transfer Patch to a new limited liability company which will be run by Hale Global will. AOL will retain a minority interest.

Terms of the deal were not disclosed. AOL said the deal was not financially material.

Hale Global is a 13-year-old company that specializes in online media, mobile and advertising.

The partnership is the latest chapter in the history of Patch, a network of more than 900 websites covering events and news in communities such as Montclair, New Jersey and Malibu, California.

Investors and analysts have long urged AOL to stop pouring funds - so far totaling hundreds of millions of dollars - into Patch with little return.

The costly project was one reason that activist hedge fund Starboard Value took a position in AOL and tried to win seats on the board in an ultimately unsuccessful proxy battle.

Tim Armstrong, AOL's chief executive and himself an early investor in Patch, had promised that it would achieve profitability in 2013. Steps aimed at reaching that goal included slashing the staff of 1,000 to half its size late last summer and launching a search for either a partner or a buyer.

Patch was founded in 2007. Two years later, AOL bought the group of community websites for about $10 million, according to reports at the time.(Armstrong recused himself from the AOL purchase and took AOL stock in return for the seed money.)

Patch hoped to capitalize on the woes of a retrenching daily newspaper industry that has been cutting back on local coverage. The idea was also to grab some of the billions of dollars that go toward local advertising.

Local advertising spending in the Unites States is expected to reach $107 billion, according to research firm Borrell Associates, while online local ad spend is forecast to hit $34 billion.

Still, those dollars are elusive because harvesting them requires a large sales force with local knowledge, often an expensive proposition.

"We are committed to bringing users, local businesses, writers and advertisers together into a Patch experience full of innovation and growth," Charles Hale, CEO of Hale Global, said in a statement.

It was unclear how Hale Global plans to structure Patch and whether there will be further layoffs.

(Reporting by Jennifer Saba in New York)
OFR

Chicago, IL

#3 Jan 15, 2014
How long before this company realizes it picked up a bag of dead fish and dumps it too?

Reset the clock......TICK TOCK
anonymous

Chicago, IL

#4 Jan 15, 2014
The Patch archive alone is worth serious bucks assuming this Hail company knows how to blend it's existing seo materials with it. They don't have to add one more drop of new data to make a profit...just another keyword factory taking up space and place on the Internet able to knock down and out more current and relevant data that we actually might care about...
wut

Anonymous Proxy

#5 Jan 15, 2014
aol is still around?
OFR

Chicago, IL

#6 Jan 16, 2014
Patch sites cost about $175-180,000 a year to operate, but only bring in an average of $75,000. And thats AFTER the mass closings and firings of 2013. The only way to squeeze profit from that is to get rid of the editors, and make each site a garbage dump for useless articles, many of which are aggregated from the web. Considering patch is an aggregating machine already, firing the moronic editors who bring no value to the sites would be a no brainer.

The new owner has no experience in this field. Patch will be torn apart and sold off for scrap.

Vive le REPORTERS!
Patchy

United States

#7 Jan 16, 2014
The company that agreed to take this turdbag of a site from Patch will definitely dump the current model, as it makes no sense to keep deadbeat editors on board. I look for another editor cleansing in the second quarter, after the deal closes. Until then Lil Joey can keep burpin his gerkin while stealing content from REPORTERS.

If Patch was so good, then why did AOL purportedly PAY to have it removed from their books?
STFU

Oak Forest, IL

#8 Jan 16, 2014
Who even uses Aol anymore. Patchy just needs to get laid.
Patchy

United States

#9 Jan 16, 2014
How good is your local editor,when the TOP HEADLINE for your Oak Forest Patch is

HOW TO MAKE SMORES IN A MASON JAR

This guy needs to finish his GED and go straight to the fry station, and we will NEVER stop until Patch is buried and all the editors are canned. Get used to it.
ConfusedByPatchy Tactics

Wentzville, MO

#10 Jan 16, 2014
Do you change your username and talk to yourself? Also I always see you comment about how they just share articles from the internet and don't do authentic reporting. I have also seen you do nothing BUT that. If you would spend as much time trying to find a job as you do commenting on here with that garbage you spew, you'd prob be CEO of southtown by now. Good day sir/mam...
Patch Master

Chicago, IL

#11 Jan 17, 2014
Now....the truth begins to come out, and it looks like the end for our useless editors, who will indeed be thrown to the lions as punishment for countless acts of plagiarism and lying to their three dozen readers.

Better get those GEDs, kids. Unemployment awaits, and no reputable new organization will hire these clowns.

From Fox Business:

http://www.foxbusiness.com/industries/2014/01...

AOL (AOL) shopped its Patch news service for more than a year to various media companies before reaching a deal with private equity firm Hale Global for what’s been described as a low-ball bid for the money-losing venture, the FOX Business Network has learned.

Officially, AOL entered a joint venture with a financial buyer, announcing on Wednesday that it is partnering with Hale Global. But under the terms of the deal, the private equity firm will have full operational control and a majority stake in the Patch business.

People with direct knowledge of the deal tell FOX Business that the various negotiations were moving slowly even though AOL was eager to offload its failed investment, people with knowledge of the matter said.

AOL shopped Patch to Gannett Co. and Tribune Co.., and others, these people say, but both media companies were skeptical about Patch’s ability to eventually turn a profit and the talks broke down. The media buyers also believed it would be difficult to integrate the businesses and make Patch profitable, these people add.

Unable to find a strategic buyer among various media players, AOL finally settled on a deal with Hale, which is regarded on Wall Street as a firm that looks for so-called turnaround situations.

AOL and Tribune declined to comment. Gannett could not be immediately reached.""" "
Good Riddence

Chicago, IL

#12 Jan 17, 2014
Cant wait to dance on patchs grave. Where will dooshbag "Michael M" spew his libertarian crap?

He his a tool. Typical armchair QB, demanding everyone do his bidding while he shouts orders from the rear brigade.

LOSER LOSER LOSER LOSER LOSER
GrantEnglish

New York, NY

#13 Jan 28, 2014
As a VP of Technology at AOL, I can honestly say that AOL is a terribly managed organization. And the worst of all their management is at Patch. Particularly, a very sub-pare technology team with very poor leadership. Topix is really sooooo much better. - Grant English
Patchy

Charleston, WV

#14 Jan 28, 2014
Not only was the leadership horrible, the people in the field are inept, unethical, poorly educated, and lack any journalistic integrity.

Hale will be dismantling the sites in short order and turning them into zombie sites with basic local advertising. All editors will likely be thrown in the gutter where they belong.
Patchy

Chicago, IL

#16 Jan 28, 2014
Oh look, another plagiarist editor woke up from afternoon nappy time to post a pithy response. Eat your crackers and whenever you're ready to counter the fact that Patch is headed toward the shitepile, well you go right ahead. Woof woof, little doggie.
Patchy

Chicago, IL

#18 Jan 29, 2014
I got my own news for ya, plagiarist.

I ain't a former Patch editor. I would never lower myself to do such a thing. And Patch is still a POS site with talentless slackers who don't have a shred of respect for journalism. Go aggregate some news and read your comic books. Woof woof.
Patchy

Chicago, IL

#19 Jan 29, 2014
From the REPORTERS at Fox Business. You know, an actual NEWS organization. Lil JV, If you need help with the big words, ask an adult.

"AOL (AOL) shopped its Patch news service for several months to various media companies before reaching a deal with private equity firm Hale Global for what’s been described as a low-ball bid for the money-losing venture, the FOX Business Network has learned.

Officially, AOL entered a joint venture with a financial buyer, announcing on Wednesday that it is partnering with Hale Global. But under the terms of the deal, the private equity firm will have full operational control and a majority stake in the Patch business.

People with direct knowledge of the deal tell FOX Business that the various negotiations were moving slowly even though AOL was eager to offload its failed investment.

AOL shopped Patch to Gannett Co. and Tribune Co., and others, these people say, but both media companies were skeptical about Patch’s ability to eventually turn a profit and the talks broke down. The media buyers also believed it would be difficult to integrate the businesses, these people add."
Patchy

Chicago, IL

#20 Jan 29, 2014
JV, just because you click the stupid "judge it" button doesn't make it untrue. Clueless phuckhead.
Dude

Tinley Park, IL

#22 Jan 30, 2014
Um, yes "Patchy" is obviously a former Patch worker in some position and is what we consider disgruntled. My god, your shit is getting old. You sound like a 15 year old that was dumped by his first girlfriend. Who gives a crap about the Patch? Move on you loser. And yes, your posting under different names, you tool.
Patch Investigated

Moorestown, NJ

#23 Jan 31, 2014
Patch should be under a Federal Investigation for money scam and adverting fraud. This site was paid to report misleading falsified stories that were designed by dirty politicians and corrupt police departments to destroy and slander people who they were seeking vengeance. Patch is a whore, they sold themselves out and so did those greedy editors who thought they were on top of the world. Patch threw their ass under the bus and that's what they get. No one should hire a Patch Reporters. They are unethical and lack any journalistic integrity. These are whores who will write what they are paid to report by corrupt politicians and dirty cops who want to punish someone they are seeking political retribution on. The editors is GUILTY of page ranking and hyper linking with name tagging and other manipulative techniques to keep the falsely written stories ranked high on google. Google should also be investigated by the Feds along with AOL and Patch, they should also investigate the advertising money and follow it and how much was invested into these sites. This is a disgrace what Patch has done to people for a buck. The stories have harmed people. Lies and deceit and Patch should be sued and held accountable. Hale Global should immediately shut down PATCH and remove all the content. Community stories that remain online and written in a false light should not exist. I hope the US JUSTICE DEPARTMENT investigates Patch and the lies that they reported online and the vulgar posting and illicit comments that still remain on line. What a dirty low down social media site. EVERY DOG HAS ITS DAY. Armstrong lost Millions ON PATCH because Patch is dirty and so are the Editors that participated in this PONZI SCHEME. THEY GET WHAT THEY DESERVE. You reap what you sow. If Hale Global doesn't shut down Patch and keeps those stories and comments up, they will be cursed too just like Armstrong and the aol investors.

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