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AOL surrenders control of Patch in joint venture

16
Jan
2014

By Jennifer Saba NEW YORK (Reuters) – AOL Inc is handing majority ownership of Patch, a money-losing network of local news websites, to New York investment firm and turnaround specialist Hale Global in a joint venture announced by the companies on Wednesday. AOL will transfer Patch to a new limited liability company run by Hale Global. AOL will retain a minority interest. Terms of the deal were not disclosed, but AOL said it was not financially material.

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