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.
AOL Inc. (AOL) is a global Web services company with a range of brands and offerings, and a global audience. Shares of AOL fell by 1.25% or $-0.6/share to $47.25. In the past year, the shares have traded as low as $29.39 and as high as $48.11. On average, 1407210 shares of AOL exchange hands on a given day and today's volume is recorded at 2395455.
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