So much for “hyperlocal” news as the Next Big Thing. Ad Age Digital reports AOL is preparing to make big changes to Patch. Instead of replacing the vanishing hometown newspaper, AOL chief executive Tim Armstrong says Patch.com is now on course to take on classified ads giant Craigslist:
Another day, another shakeup within AOL’s content empire. Patch editor-in-chief Brian Farnham is off to pursue other projects. But before he goes, he wants to thank several people–so many people that it requires a 1,400-word missive on the Patch blog. In a sharp break with the current fashion, it is not devoted to the organization’s numerous failings and/or Read More
Gianna Palmer is a guest blogger for Betabeat.
AOL released its fourth quarter earnings report today and not shockingly, profits are still falling. Q4 net income fell 66 percent to $22 million (23 cents a share) and revenue slipped 3 percent to $576.8 million. CEO Tim Armstrong seemed pretty happy, though.
“AOL took a large step forward in Q4 and I am very pleased with the way we ended the year,” Armstrong said.
At least one reason for Armstrong’s cheery outlook: AOL saw its ad revenue increase 10 percent to $363.8 million. To what does it attribute this growth? In part: its hyperlocal news effort Patch.
Adult FriendFinder plans an IPO. [
Facebook closes in on $60-$75 billion valuation. [WSJ]