AOL, Hale Global To Form JV To Run Local News Service Patch

(RTTNews) - AOL Inc. (AOL) Wednesday announced the creation of a joint venture with Hale Global to run Patch, the premier platform for local news and information in the U.S.

Under the terms of the agreement, AOL will contribute Patch into a new limited liability company, which will be operated and majority owned by Hale Global.

Patch serves over 16 million people monthly with a network of more than 900 sites.

Hale Global has substantial experience in online media, local marketing, mobile, retail, and advertising. It also has an impressive track record for re-defining company visions and creating long-term growth from the companies they operate.

AOL said the two companies are committed to re-launching Patch as an efficient platform that allows citizens and businesses to create and share locally-themed news and content.

Future concepts planned for Patch include technology solutions to make community participation seamless, mobile-first experience with social integration as well as National, regional, and local advertising self-service tools and geo-targeted advertising products.

The firms plan to close the joint venture early in the first quarter of 2014. Financial terms of the transaction were not disclosed. AOL closed down 1.3 percent on Wednesday and advanced 2.1 percent in the extended trade.