AOL, Patch's Parent Company, Acquires Huffington Post

As many of you have heard this morning, AOL, Patch's parent company, made a major deal last night, acquiring the influential news website The Huffington Post.

As part of the deal, Arianna Huffington, co-founder and editor-in-chief of Huffington Post, will assume the role of president and editor-in-chief of a newly formed Huffington Post Media Company, of which Patch will be integrated along with AOL brands including TechCrunch, Engadget, AutoBlog and Moviefone.

AOL paid a reported $315 million for Huffington Post, a bold move for AOL Chairman and CEO Tim Armstrong, who has worked to re-establish the company as an indispensible content destination online.

The acquisition of Huffington Post and subsequent formation of the Huffington Post Media Group will create a new media organization that reaches 117 million Americans and 270 million globally.

"The acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers," Armstrong said.

It is not immediately clear what the acquisition will mean for Patch, but Patch editors will keep readers informed as new information becomes available. This is an exciting time for everyone at AOL, Patch and Huffington Post.

See the full news release from AOL here.