NEW YORK AOL has snatched up a pair of startup Web companies -- Patch Media Corporation and Going Inc. -- both of which operate sites geared for finding local entertainment and activities. Terms of the deal were not disclosed, but sources report that each company was priced at roughly $10 million.
Patch operates Patch.com, a local community site still in its infancy; currently Patch offers news and information on just five locations in New Jersey. According to several reports, AOL’s recently installed CEO Tim Armstrong had previously invested in the firm.
Boston-based Going runs three-year-old Going.com, a local listing site focused on nightlife and culture. That venue uses several social networking elements, such as allowing users to create profiles and personalized event calendars.
According to Armstrong, AOL plans to use the two properties to widen its foothold in the still nascent local online content and ad spaces. “Local remains one of the most disaggregated experiences on the Web today,” he said. “Going forward, local will be a core area of focus and investment for AOL.”
Nielsen Business Media