AOL Acquires Patch Media Corporation and Going, Inc

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 Media Corporation operates Patch.com, a local community site still very much 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 company personally.

Meanwhile, the Boston, Mass.-based Going, Inc. runs the three-year old Going.com, a local listing sites focused on nightlife and culture. That site incorporates 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.”