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AOL Tech Crunch Press Release

AOL Tech Crunch Press Release

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Published by: Iria00 on Sep 28, 2010
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09/28/2010

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AOL TO ACQUIRE TECHCRUNCH NETWORK OF SITES
Leading Authority on Tech News Will Expand AOL’s Growing Offering of World-Class, Audience-Relevant ContentSan Francisco, CA, September 28, 2010 – AOL Inc. [NYSE: AOL] todayannounced that it has agreed to acquire TechCrunch, Inc., thecompany that owns and operates TechCrunch and its network of websites dedicated to technology news, information and analysis.TechCrunch and its associated properties and conferences will join theAOL Technology Network while retaining their editorial independence,further bolstering AOL’s position as one of the world’s leadingproviders of high-quality, tech-oriented content. The announcementwill be made on stage at TechCrunch Disrupt in San Francisco, CA.Founded by Michael Arrington, TechCrunch operates a global networkof dedicated properties from Europe to Japan, as well as vertically-oriented websites, including MobileCrunch, CrunchGear, TechCrunchIT,GreenTech, TechCrunchTV and CrunchBase. The TechMemeLeaderboard ranks TechCrunch as the No. 1 source of breaking technews online, followed by AOL’s Engadget. “Michael and his colleagues have made the TechCrunch network abyword for breaking tech news and insight into the innovative world of start-ups, and their reputation for top-class journalism preciselymatches AOL’s commitment to delivering the expert content critical tothis audience,” said Tim Armstrong, Chairman and Chief ExecutiveOfficer of AOL. “TechCrunch and its team will be an outstandingaddition to the high-quality content on the AOL Technology Network,which is now a must-buy for advertisers seeking to associate theirbrands with leading technology content and its audience.” Heather Harde, Chief Executive Officer of TechCrunch, said: “TechCrunch and AOL share a motivating passion for qualitytechnology news and information, and we’re delighted about becoming
 
part of the AOL family. This represents a compelling opportunity toextend the TechCrunch brand while complementing the great work of sites like Engadget and Switched. Our contributors, and our audiences,can look to the future with excitement about what we can build whenwe have the significant resources of AOL behind us.” Michael Arrington, Founder and Co-Editor of TechCrunch, said: “TimArmstrong and his team have an exciting vision for the future of AOLas a global leader in creating and delivering world-class content toconsumers, be it through original content creation, partnerships oracquisitions. I look forward to working with everyone at AOL as webuild on our reputation for independent tech journalism and continueto set the agenda for insight, reviews and collaborative discussionabout the future of the technology industry.” TechCrunch also hosts industry-leading conferences and events,including The Disrupt series, The Crunchies Awards and various meet-ups worldwide. These conferences bring together industry innovators,entrepreneurs and financing sources to exchange ideas, forge newrelationships and discuss the current and future industry trends. “Engagement with thought leaders is as important to AOL as ourengagement with our contributors, audiences, publishers andadvertisers, and TechCrunch’s conferences and websites will give us apromising, additional springboard to join and amplify theseconversations. We’re committed to quality in everything we do at AOL,and look forward to working with Heather, Michael and the TechCrunchteam to extend the brand,” said David Eun, President of AOL Mediaand Studios.The AOL Technology Network consists of AOL’s tech-orientedproperties including Engadget, the Web magazine about everythingnew in gadgets and consumer electronics; Switched, which covers theintersection of the digital world with entertainment, sports, art, fashion
 
and lifestyle; TUAW, the unofficial Apple weblog; and DownloadSquad,the weblog about downloadable software and other computer subjects.The AOL Technology Network ranks in the top five for tech newsaccording to comScore Media Metrix, August 2010 data, and leads thetop five in average time spent and average visits per user.This acquisition will further AOL’s strategy to become the global leaderin sourcing, creating, producing and delivering high-quality, trusted,original content to consumers. TechCrunch will remain headquarteredin San Francisco, CA, as a wholly owned AOL unit. Deal terms were notdisclosed.
Forward-Looking Statements
This press release contains “forward-looking” statements within themeaning of the Private Securities Litigation Reform Act of 1995regarding business strategies, market potential, future financial andoperational performance and other matters. Such forward-lookingstatements include, but are not limited to, statements regarding theanticipated benefits of the transaction and other statements identifiedby words such as “may,” “will,” “intend,” “should,” “expect” or similarexpressions. These statements are based on management’s currentexpectations and beliefs, and are subject to uncertainty and changesin circumstances, including, but not limited to, the satisfaction of theclosing conditions to the transaction and the parties’ performance of their obligations under the agreements; changes in our plans,strategies and intentions; the competitiveness and quality of ourproducts and services; our ability to retain, hire and develop keyemployees; and the intensity of competition. Any forward-lookinginformation is not a guarantee of future performance and actualresults may vary materially from those expressed or implied by thestatements herein, due to changes in economic, business, competitive,technological, strategic and/or regulatory factors, as well as factorsaffecting AOL’s operations and businesses. More detailed informationabout these factors as they relate to AOL may be found in the sectionentitled “Risk Factors” in AOL’s Annual Report on Form 10-K, filed with

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