Web services company AOL, US, has reportedly announced plans to buy technology news blog TechCrunch. With this acquisition, AOL seeks to bolster its growing online editorial business. While the terms of the agreement were not disclosed, the price tag is believed to be more than $25 million.
The deal was signed on stage at the TechCrunch conference. The agreement is expected to further add to AOL's technology coverage, which also includes the gadget blog, Engadget.
According to a NewYork Times report, the acquisition is another step in AOL's quest to revive its reputation as a hub for online news. The company has also acquired 5min Media, a web video syndication company that distributes a library of video clips from 1,000 media companies to other websites. It also bought Thing Labs Inc., which makes software for consumers to post online.
According to Tim Armstrong, AOL's chief executive, AOL would use TechCrunch as a pillar of its technology coverage. It will operate independently from Engadget but the two sites will use some of each other's content.
Founded in 2005, TechCrunch is widely read by technology industry insiders for its mix of breaking news and commentary. The site gets about 3.8 million unique visitors a month, ranking it as one of the more popular technology news sites. AOL's Engadget gets about 7.3 million visitors a month.
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