Patch has a new majority owner: Hale Global.
CEO Charles Hale says in a release that “we are committed to bringing users, local businesses,patch writers and advertisers together into a Patch experience full of innovation and growth.” (AOL will have what CEO Tim Armstrong calls “a meaningful minority interest” in the venture.)
Armstrong says of Hale in his memo to employees: “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.”
Update: After telling his new employees that “I was up all night, so I’m a little ragged,” Hale said in his very brief conference call that “we’re turnaround specialists,” and that Hale Global looks to acquire companies that “have problems and potential.” Patch, he said, has both.