Internet company AOL has reportedly announced that it would give up most of its control over hyper local news site Patch and handover the reign to an investment holding company.
AOL said that Hale Global would take over Patch's more than 900 news sites, serving around 16 million people, within next three months.
Hale Global's CEO, Charles Hale said that the company is committed to bringing users, local businesses, writers and advertisers together into a Patch experience full of innovation and growth, Cnet reports.
Meanwhile, AOL CEO Tim Armstrong, who started Patch in 2007 before selling the company to AOL, expressed confidence in Hale Global's ability to turn the sites around, despite Patch's financial problems, the report added.