During a conference call with Patch editors, Armstrong said he would pull the plug or find partners for 400 of the division’s 900 websites as AOL reasserts its authority over the money-losing “hyperlocal” venture.
By some estimates, AOL has spent more than $300 million on Patch since 2009, and it has yet to turn a profit.
In a call with analysts last week, AOL’s chief operating officer, Karen Dykstra, said the days of wild spending are over.
Find out what's happening in Fair Oaks-Carmichaelfor free with the latest updates from Patch.
“Patch has been our most visible spending area and we are significantly reducing our investment in Patch,” she said.
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