AOL to buy technology blog and conference business TechCrunch
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AOL plans to buy influential technology blog TechCrunch and other blogs in its network for an undisclosed amount.
AOL Chief Executive Tim Armstrong joined TechCrunch founder Michael Arrington onstage Tuesday to make the announcement at the TechCrunch Disrupt conference in San Francisco.
Arrington, who built a hobby into one of the most powerful blogs in technology, said the acquisition would not change the attitude of TechCrunch, which will operate as a subsidiary and retain editorial freedom. AOL operates Engadget in a similar way.
‘We have absolutely no editorial bounds at all,’ said Arrington who will stick around for three years.
Armstrong, who is building AOL’s content business, said the purchase would hand AOL ‘a much larger tech presence.’
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AOL had tried to buy TechCrunch before, but talks fell apart over price. TechCrunch wanted $30 million to $40 million for its blogging and conference business. Sources tell CNBC that AOL paid $40 million.
-- Jessica Guynn