AOL’s New Patch Partner, Hale Global, Will Decide Its Future
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Hale Global, a little known turnaround firm, thinks it can run Patch better than AOL could. And it will have the authority to push AOL completely out of the picture under a new partnership agreement announced today.
In a release announcing a joint venture on Patch between the two companies, it was clear which one would be calling the shots: “Under the terms of the agreement,” the release said, “AOL will contribute Patch into a new limited liability company, which will be operated and majority owned by Hale Global.”
A source with knowledge of the agreement told Ad Age that AOL could feasibly end up with no role at all. Hale, the source said, will be completely in the driver seat from an operational standpoint. That means the company will have to decide whether to retain Patch’s editorial team and what to do with its ad sales team.
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