Time Warner Inc.'s AOL unit has acquired local online media companies Patch Media Corp. and Going Inc. in a bid to increase its revenue in local advertising.
The acquisitions come as Time Warner moves to split off AOL into an independent company and AOL Chief Executive Tim Armstrong, who joined the company in April, is working on putting together a new structure and strategy, in which local content is one important aspect of the deal.
Financial terms of the deals were not disclosed.
Local remains one of the most disaggregated experiences on the web today -- there's a lot of information out there but simply no way for consumers to find it quickly and easily, said Tim Armstrong, AOL's chairman and CEO.
Going forward, local will be a core area of focus and investment for AOL.
Patch creates technologies and operates Web sites to help local communities publish news and information. Going allows users to share information about local events.