AOL acquires Techcrunch
Wednesday 29 September 2010
AOL has said it agreed to acquire the popular technology blog and network TechCrunch as it tries to remake itself into a web entertainment and news powerhouse.
The value of the transaction is about $30 million (£18.9 million), according to a source familiar with the deal.
AOL will buy the influential technology blog as well as its conference division from founder Michael Arrington.
"We are still investing in content areas and ... adding more content brands to our portfolio," said AOL Chief Executive Tim Armstrong about the acquisition.
Armstrong said that Arrington has a multi-year agreement with AOL. He also said Arrington will continue to run TechCrunch and that AOL will give it more resources.
AOL and TechCrunch announced the news on Tuesday during the TechCrunch Disrupt conference in San Francisco.
"I look forward to working with everyone at AOL as we build on our reputation for independent tech journalism and continue to set the agenda for insight, reviews and collaborative discussion about the future of the technology industry," Arrington said in a statement.
AOL publishes approximately 80 sites including the tech blog Engadget, which had about 7.5 million unique users in August while TechCrunch had about 3.8 million during the same month according to comScore.
AOL was spun off from Time Warner Inc last year after a disastrous decade-long marriage. Armstrong, who was a former executive with Google, was tapped to resurrect the 25-year-old company once synonymous with dial-up Internet access into one of the web's main content destinations.
Earlier Tuesday, AOL announced it had acquired video content syndication platform 5min Media for an undisclosed sum.
Life & Style blogs
Watching TV after work makes you feel 'guilty and like a failure'
NHS medics are being lured away to Australia by more money, status and sunshine, survey suggests
Xiaomi Mi4: 'Chinese Apple' launches flagship mobile to challenge iPhone
Have sex with your iPad thanks to the new sex toy no-one asked for
Condom couture: Latex dresses hit the catwalk to raise awareness for HIV and Aids
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
A day in the life of Vladimir Putin: The dictator in his labyrinth
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
- 1 Calum Chambers: Southampton's latest example of Generation X-factor
- 2 Crash victims in car flattened by shipping container emerge with just minor injuries
- 3 Students offered grants if they tweet pro-Israeli propaganda
- 4 Exclusive: David Cameron’s Big Society in tatters as charity watchdog launches investigation into claims of Government funding misuse
- 5 Joey Barton and Yossi Benayoun become involved in Twitter row over Israel-Gaza conflict
iJobs Gadgets & Tech
£65000 - £75000 per annum + Benefits: Progressive Recruitment: The client is a...
£40000 - £45000 per annum: Ashdown Group: A well-established software house ba...
£400 - £401 per annum + competitive: Progressive Recruitment: SSIS Administrat...
£25000 - £30000 per annum + competitive: Progressive Recruitment: An ambitious...