NY media giant AOL announced today that it has acquired TechCrunch Inc., the company that owns TechCrunch and its network of websites dedicated to tech news. The blog, and its properties, will join the AOL technology network while "retaining their editorial independence."
Tim Armstrong, chairman and CEO of AOL stated in an announcement posted on the site that “TechCrunch and its team will be an outstanding addition to the
high-quality content on the AOL Technology Network, which is now a
must-buy for advertisers seeking to associate their brands with leading
technology content and its audience.”
The financial details of the deal were not disclosed, though some suspect it was in the range of $25-40 million.
While not as high-profile, AOL yesterday also announced its acquisition of 5Min Media, a
distributor of video clips, for between $50 and $60 million according to
inside so. The New York based company boasts a library of 200,000 clips
that generate 110 million views per month across 800 partner sites.
These clips come from a variety of places including some major names
such as CBS, Hearst and Scripps Networks.