Tag Archives: Tim Armstrong
TechCrunch: We Are Not For Sale
TechCrunch editors Eric Eldon and Alexia Tsotsis said “we’re not being sold.” Instead TechCrunch has hired a bunch of “brilliant writers and a new COO.” Over 1,000 people attended their TechCrunch NYC meet-up last night as well. Traffic has been up with regards to unique visits year over year. They did hear about sales rumors as well with interest supposedly from Jason Calacanis.
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Categories Alexia Tsotsis, America Online, AOL, Eric Eldon, Jason Calacanis, TechCrunch, Tim Armstrong
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Tim Armstrong’s New Contract Asking Him To Stick Around Until March 2016
“We are continuing to work on the comeback of AOL and have a plan that is beneficial for employees, customers and shareholders,” said AOL in a statement. On Friday, AOL extended their employment agreement with chairman and CEO Tim Armstrong through March 2016. His previous deal was supposed to expire on April 7.
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Categories America Online, AOL, Tim Armstrong
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AOL Posts Revenue Of $532 Million For Q3
AOL, Inc. (NYSE:AOL) has posted revenues of $532 million with an earnings loss of $0.02 per share. This is great news for the company because Wall Street was expecting the company to hit $524 million and a loss of $0.06 per share. The company was able to gain revenue from their gains in The Huffington Post and the TechCrunch acquisitions.
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Categories America Online, AOL, HuffingtonPost.com, TechCrunch, Tim Armstrong
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AOL Cutting 900 Jobs
AOL, Inc. (NYSE:AOL) is cutting 900 jobs said CEO Tim Armstrong. The jobs cuts include 200 editors in the U.S. The lay offs are taking place as part of a reorganization that follows the $315 million acquisition of The Huffington Post.
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AOL Acquires Huffington Post For $315 Million
AOL, Inc. (NYSE:AOL) has acquired The Huffington Post for $315 million in cash. Huffington Post co-founder Arianna Huffington will become the president and editor-in-chief of the Huffington Post Media Group within AOL. She co-founded the website with Kenneth Lerer in 2005. It is one of the most prominent left-leaning politics blog in the world.
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Categories America Online, AOL, Arianna Huffington, HuffingtonPost.com, Tim Armstrong
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Tim Armstrong Wants AOL Stories To Increase From 33K To 55K Per Month and Pageviews Per Story To Go From 1,500 To 7,000
AOL, Inc. (NYSE:AOL) CEO Tim Armstrong has some strong demands from the editorial team. AOL wants their editorial team to increase stories from 33,000 to 55,000 per month. He also wants pageviews per story to jump from 1,500 to 7,000 and video stories to go from 4% of all stories to 70%. Armstrong wants the percentage of stories optimized from search engines to reach 95% as well. This was all explained in “The AOL Way” presentation that was leaked by BusinessInsider.com. You can see the full slideshow here: http://www.businessinsider.com/the-aol-way#-1.
Categories America Online, AOL, Tim Armstrong
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AOL Acquires 5Min Media
AOL, Inc. (NYSE:AOL) has acquired 5min Media, a video tutorial website that teaches people how to do different tasks. Although AOL did not confirm the value of the acquisition, sources believe that it was an all-cash deal worth $50-$65 million.
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Categories 5min, AOL, Globespan Capital Partners, Ran Harnevo, Spark Capital, Tim Armstrong
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AOL Renews Search Deal With Google
AOL has renewed a search engine deal with Google Inc. (NASDAQ:GOOG). AOL’s five-year partnership with Google ranges across more properties than the previous deal they had with the search engine company. Google will provide search technology and search advertising to AOL Search. The deal also includes global search, mobile search, and video distribution with YouTube.
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Categories America Online, AOL, Google, Tim Armstrong
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Digital Sky Technologies Acquires ICQ For $187.5 Million
In June 1998, AOL acquired Mirabilis Ltd. for $287 million. Mirabilis is the company behind messaging software ICQ. Now ICQ is being passed on to another buyer, Digital Sky Technologies. DST paid AOL $187.5 million to take ICQ off their hands. DST is a Russian investment company and ICQ is the most popular messaging service in Russia.
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Categories AOL, Digital Sky Technologies, DST, ICQ, Mirabilis, Tim Armstrong, Yuri Milner
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AOL To Go Public On December 10th Without TMZ In The Portfolio
When AOL was at its highest value, the company was worth about $240 billion. Back in 2000 AOL purchased Time Warner for $164 billion as part of a merger structure. The new company would be called AOL Time Warner. The deal was announced on January 10, 2000 and was filed on February 11, 2000. The FTC cleared the deal on December 14, 2000 and the merger was completed on January 11, 2001.
AOL shareholders owned 55% of the merged company and Time Warner shareholders owned 45%. America Online’s Internet Service Provider division drastically declined. AOL Time Warner had to report a loss of $99 billion in 2002 which was the largest loss ever reported by a company. Steve Case ended up resigning from the Time Warner Board of Directors on October 31, 2005. Ever since then the future of AOL was unknown. Time Warner wanted to spin off AOL from their own company for a very long time.
That issue has officially been resolved today. AOL will be officially spinning off from Time Warner on December 9, 2009. AOL stock will begin trading the next day. Investors that have 11 shares of Time Warner will receive 1 share of AOL on the day that the stock goes public. Time Warner has a market cap of $38 billion so that gives AOL a value of $3.2 billion.
When AOL goes public, one of the brands that they will be leaving with Time Warner is celebrity gossip blog TMZ.com. TMZ was created out of a partnership between AOL and Telepictures Productions. Telepictures is a subsidiary of Time Warner. AOL and Telepictures split the revenues of TMZ evenly. In 2008, TMZ made about $12.7 million for AOL so the company made $25.4 million total for the year. Up until this September of this year, TMZ.com earned $12.4 million total.
AOL will trade under the NYSE with the stock symbol “AOL.” AOL was trading in the NYSE before it merged with Time Warner back in the day too. The full press release is available after the jump:
Categories America Online, AOL, Steve Case, Tim Armstrong, Time Warner, TMZ, TMZ.com
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