Guardian Tech. Deal live on stage. Tim Armstrong: We Got TechCrunch! I’m very pleased to announce that we have acquired TechCrunch. Details are in the press release below, and I’m sure founder Michael Arrington will have a few words to say as well. This is a great complement to our continued investment in world class content. Update: More details here from Michael Arrington Leading Authority on Tech News Will Expand AOL’s Growing Offering of World-Class, Audience-Relevant Content San Francisco, CA, September 28, 2010 – AOL Inc.
Founded by Michael Arrington, TechCrunch operates a global network of dedicated properties from Europe to Japan, as well as vertically-oriented websites, including MobileCrunch, CrunchGear, TechCrunchIT, GreenTech, TechCrunchTV and CrunchBase. Heather Harde, Chief Executive Officer of TechCrunch, said: “TechCrunch and AOL share a motivating passion for quality technology news and information, and we’re delighted about becoming part of the AOL family. About AOL AOL Inc. Why We Sold TechCrunch To AOL, And Where We Go From Here. By now you must have heard the news that AOL has acquired us. Here are videos of the on stage signing of the agreement and an interview with AOL CEO Tim Armstrong immediately afterwards. So how did all this happen? And What happens to TechCrunch now?
In May I had a chance to interview Tim on stage at TechCrunch Disrupt: New York. Tim asked me how things were going at TechCrunch. “That’s too bad, he said, we’d love to acquire you but we’d need to know you would stick around.” “Wait. We laughed, and that was the end of any conversations for a while. The truth is I was tired. AOL of course fixes that problem perfectly. The more we spoke with AOL the more we saw a perfect fit. From a product and business standpoint, it’s a perfect fit. But what put things over the top, and what ultimately led us to discontinue discussions with other suitors, was the AOL management team. So at that point we were basically sold. Tim told me that he doesn’t want whatever makes TechCrunch special to go away.
The Way I Work: Michael Arrington of TechCrunch. TechCrunch, a San Francisco-based company that publishes the influential blog of the same name, started as a hobby. In 2005, Michael Arrington, a serial entrepreneur and former lawyer, was researching Silicon Valley start-ups and decided to post his findings online. Since then, TechCrunch, which draws about 9.2 million visitors a month and boasts annual revenue of about $10 million, has become the go-to source for breaking news about Internet start-ups and tech companies.
Although TechCrunch has 25 full-time employees, Arrington, 40, still spends much of his time reporting and writing. On most days, he works remotely from his home near Seattle, in a cavelike home office. From morning until night, Arrington sits in darkness in front of his computer—blasting music, working his contacts, and focusing on what he loves best: breaking big stories. I wake up in a pissed-off mood. I'm not a morning person. If news is breaking, I want to be on it. I try to get up at 9 a.m. every day. AOL Insider Says TechCrunch Price Only $25 Million â CNBC Says $40 Million. AOL to Acquire TechCrunch. Breaking: AOL Close to Buying TechCrunch: Tech News « AOL, the New York-based online media company, is on the verge of acquiring TechCrunch, the online blogging network started by former attorney, Michael Arrington.
The deal is at a sensitive stage and might fall apart yet, but I don’t think so. Sources familiar with both entities says that the announcement is likely to come onstage at Disrupt, TechCrunch’s flagship conference currently underway in San Francisco. AOL CEO Tim Armstrong is likely to make an appearance at the conference, and perhaps that’s when the announcement is likely to be made.
Michael Arrington was unreachable for comment, and AOL has not returned my calls. I still don’t know the terms of the deal, and will update the post accordingly. AOL in the past had acquired Weblogs Inc., the blogging company behind popular sites such as Engadget. On a more personal note, I think this is great news for Mike and his crew.
Related research from GigaOM Pro (subscription req’d): Techcrunch Disrupted by AOL: The end of an era in tech blogging? The news/rumor that Techcrunch is up for sale quickly made the rounds at the Techcrunch Disrupt conference this afternoon. GigaOm started it with a post that a sale to AOL is close at hand. I’ve been burned by these kinds of rumors before, I remember when it was rumored that AOL was buying Mashable, but those discussions never led anywhere. This time, however, I was back stage at the Disrupt conference when the news started making the rounds. I quickly asked staff members about the rumor. They didn’t know anything, they said. OK, maybe this is just a rumor, I thought, but then one offered “but I’ve heard a rumor there are multiple deals being considered.”
Then I noticed that Mike and Heather weren’t anywhere to be found, and people pointed to closed doors and said “they are in there.” Later, I ran into Heather Harde, CEO of Techcrunch and asked her “can you talk to me about the news?” Arrington hasn’t answered my queries. I saw Heather later again and she didn’t wave me off the story. 1. AOL Is Close To Buying TechCrunch. Here's Another Reason AOL Is Buying TechCrunch -- It Comes With Digital M&A Specialist Heather Harde. AOL Tried To Buy TechCrunch Twice Before. First rumor.