Michael Arrington may not have wanted TechCrunch Disrupt to be overshadowed by stories of the giants swallowing up the little guys but he got just that.
The founder of TechCrunch has a new funder ready to steal headlines. AOL announced Tuesday that it has purchased the popular tech news site and its network of websites for an undisclosed amount. The announcement was scheduled to be made officially on stage at the TechCrunch Disrupt conference currently going on in San Francisco.
AOL Chairman and CEO Tim Armstrong, who already operates gadget lust site Engadget, said in a statement that the acquisition of TechCrunch Inc. will further position AOL as it pushes to become the go to destination online for tech related news. Arrington said his new parent company's long term vision was a determining factor in the deal.
“Tim Armstrong and his team have an exciting vision for the future of AOL as a global leader in creating and delivering world-class content to consumers, be it through original content creation, partnerships or acquisitions,” Arrington said.
TechCrunch will remained headquartered in San Francisco and maintain editorial control of its content, according to an AOL statement.