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Patch Media

From Wikipedia, the free encyclopedia
Patch Media
Type of site
News
Headquarters
New York City
Area servedUnited States
OwnerHale Global
CEOCharles Hale
ServicesOnline news and opinion
URLpatch.com
LaunchedDecember 2007;16 years ago(2007-12)
Current statusActive

Patch MediaoperatesPatch.com,an Americanlocal newsand information platform, based inManhattan.It is primarily owned by Hale Global.[1]Patch is operated by Planck, LLC, doing business as Patch Media.[2]

As of May 2024,the Patch.comhyperlocalwebsites provide local news andhuman intereststories to 1,900 communities, dispersed across all 50U.S. states,Washington, D.C.and theUnited States Virgin Islands.[3]The platform is based on a lead reporter in each community, does not offer international news, but does have an "Across America" site, with national stories.[4]

Patch also provides a platform for users to post questions, news tips and columns germane to their towns. Each site also contains a mixture of local and national advertising. The latter includes a self-serve ad platform allowing users to communicate directly with targeted audiences.[5][6]

History

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Patch was founded by then-president ofGoogleAmericas operationsTim Armstrong,Warren Websterand Jon Brod in 2007 after Armstrong said he found a dearth of online information on his home-neighborhood ofRiverside, Connecticut.[7]AOL acquired the company in 2009 shortly after Armstrong became AOL'sCEO.Armstrong told AOL staffers that he recused himself from negotiations to acquire the company and did not directly profit from his seed investment.[8]

The acquisition occurred on June 11, 2009.[9][10]AOL paid an estimated $7 million in cash for the news platform as part of its effort to reinvent itself as a content provider beyond its legacydial-up Internetbusiness. AOL, which split fromTime Warnerin late 2009, announced in 2010 it would be investing $50 million or more into the startup of the Patch.com network.[11]As part of the acquisition Brod became President of AOL Ventures, Local & Mapping, andWarren Websterbecame president of Patch.[12]

Following the acquisition, Patch began a period of rapid expansion, becoming one of the largest employers of professional journalists in the US at the time.[13]The company grew from 46 markets to over 400 in 2010, and by early 2011The New York Timesreported that it was "finding progress where others have failed", and had grown to 800 communities.[14]In 2011, Patch acquired hyperlocal news aggregator Outside.in from investors includingUnion Square Venturesand others, integrating the technology into the Patch platform.[15]

In 2013, Patch was spun out of AOL as a joint venture with Hale Global.[16]In January 2014, the new owners announced layoffs of 400 journalists and other employees.[17]

In February 2016,The Wall Street Journalreported that Patch had 23 million users, was profitable, and was expanding into new territories.[18]In 2018, Patch completed its third profitable year in a row, attracting an average of 23.5 million unique visitors monthly. Patch employs nearly 150 people, including 110 full-time reporters, many from the nation's leading newsrooms.[19]

Alison Bernstein was named CEO in September 2019,[20]and later transitioned to the company's board. Rob Cain, formerly ofOmron Adept,became Patch's CEO in November 2020.[21]Charles Hale informedRecodein 2019 that his network of 1,200-plus hyperlocal news sites was generating more than $20 million in annual ad revenue, without apaywall.[22]

References

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  1. ^Kaufman, Leslie (January 15, 2014)."AOL Finds a Partner to Run Its Troubled Patch Division".The New York Times.Archivedfrom the original on 2014-01-16.
  2. ^"Patch Terms of Use".Patch Media. 2022-07-14.Archivedfrom the original on 2024-05-21.Retrieved2024-05-26.
  3. ^"All Patch Locations by State".Patch Media.Archivedfrom the original on 2024-05-21.Retrieved2024-05-26.
  4. ^Hardy, Quentin (17 August 2010)."AOL's plan to own your neighborhood".Forbes.Retrieved17 August2010.
  5. ^Moses, Lucia (2018-10-16)."How profitable Patch is automating ad buying".Digiday.Retrieved2019-06-13.
  6. ^"How 'hyperlocal' news app Patch is trying to regain trust in media".The Daily Dot.2018-12-26.Retrieved2019-06-13.
  7. ^Cain Miller, Claire; Stone, Brad (April 12, 2009).""Hyperlocal" web sites deliver news without newspapers ".The New York Times.
  8. ^Schonfeld, Erick (2009-06-11)."AOL Buys Local Startups Going And Patch (And CEO Tim Armstrong Brings an Investment In-House)".TechCrunch.Archivedfrom the original on 2015-08-04.
  9. ^Savarese, Chris (June 11, 2009)."AOL Acquires Two Local Services, Patch and Going".AOL.com.RetrievedFebruary 11,2010.
  10. ^McCarthy, Caroline (June 11, 2009)."AOL thinks local, acquires Patch and Going".CNET.com.Archived fromthe originalon August 4, 2009.RetrievedFebruary 11,2010.
  11. ^"AOL's Patch plans 500 local sites by end of 2010".Associated Press.August 16, 2010.
  12. ^"Jon Brod".AOL.com. May 12, 2010. Archived fromthe originalon June 1, 2010.RetrievedFebruary 11,2010.
  13. ^Tartakoff, Joseph (2010-08-17)."AOL's Patch aims to quintuple in size by year-end".the Guardian.Retrieved2022-01-18.
  14. ^Kopytoff, Verne G. (2011-01-16)."AOL Bets on Hyperlocal News, Finding Progress Where Many Have Failed".Media & Advertising.The New York Times.Archivedfrom the original on 2011-01-17.Retrieved2022-01-18.
  15. ^Rao, Leena (2011-03-04)."Confirmed: AOL's Patch Buys Hyperlocal News Site Outside.In".TechCrunch.Archivedfrom the original on 2021-09-29.Retrieved2024-05-26.
  16. ^"AOL Shifts Patch to Joint Venture with Hale Global".Deadline.January 15, 2014.
  17. ^"Patch Hit With Sweeping Layoffs As New Owner Hale Global Restructures".TechCrunch.January 29, 2014.
  18. ^Marshall, Jack (2016-02-02)."Patch Rebounds After Split From AOL".The Wall Street Journal.Archivedfrom the original on 2016-02-02.Retrieved2018-01-18.
  19. ^"'Patch' Celebrates Profitability, Explores AI ".www.mediapost.com.Retrieved2019-06-13.
  20. ^"An Update From Patch".Across America, US Patch.2019-09-16.Retrieved2019-10-29.
  21. ^"About Patch".Patch.Retrieved12 January2021.
  22. ^Kafka, Peter (2019-02-11)."The alternative to your dying local paper is written by one person, a robot, and you".Vox.Retrieved2019-06-26.
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