From The New York Times
Tim Armstrong, the chief executive of AOL, is finally winding down Patch, a network of local news sites that he helped invent and that AOL bought after he took over.
At a conference in Manhattan last week, Mr. Armstrong suggested that Patch’s future could include forming partnerships with other companies, an acknowledgment that AOL could not continue to go it alone in what has been a futile attempt to guide Patch to profitability. He called it, somewhat hilariously, “an asset with optionality.” There may be a few options for Patch, but none come close to the original vision for the site.
The hunt to own the lucrative local advertising market, Mr. Armstrong’s white whale, is over. But Patch did not go quietly — hundreds of people lost their jobs over the last six months — and neither will Mr. Armstrong.