Congress has cut federal funding for public media — a $3.4 million loss for LAist. We count on readers like you to protect our nonprofit newsroom. Become a monthly member and sustain local journalism.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
AOL to Acquire HuffPo; Arianna will Run AOL Content Empire
AOL CEO Tim Armstrong and Arianna Huffington discuss the deal
()
AOL CEO Tim Armstrong and Arianna Huffington discuss the deal
Stepping up its ongoing efforts to regain relevance in a post-dialup world, AOL will acquire Huffington Post for $315 million. As part of the deal, Arianna Huffington will become Editor-in-Chief for all properties of AOL's rapidly expanding content empire, including the increasingly ubiquitous Patch.com hyperlocal news network. Top sites that will be added to Huffington's editorial domain include TechCrunch, Mapquest, Moviefone and the surviving blogs of the Weblogs, Inc. network (including Endgadget, TV Squad, PopEater and Joystiq), acquired by AOL/Time Warner in 2005.
Launched in 2005 on an investment of $1 million from Huffington and venture capitalist Ken Lerer, HuffingtonPost.com has grown into one of the most popular destinations on the web, claiming 25 million unique monthly visitors. Over the years, HuffPo's venture capital investment has grown to $37 million, easily eclipsed by the $315 million (including $300 million in cash) that will be received from AOL in the deal.
Huffington Post had revenues of $31 million in 2010 and is aiming to triple that by 2012. But can it maintain the same margins as part of AOL?
Support for LAist comes from
Will its hundreds of unpaid bloggers - comprised mostly of media, business, and entertainment celebrities as well as political progressives - continue to volunteer their services after hundreds of millions of dollars have passed before their eyes?
In spite of its best efforts to brand itself as a news site for the politically left-of-center, it won't be a shift at all to see Huffington Post's most popular content include the same smut and gossip that has arguably ruined the news in recent years. As is its all-time most viewed post leaderboard stands today, it looks as though AOL just paid big money for another source of Palin bikini pics, Michael Phelps bong hit videos and profiles of "Cougars and MILFs."
“I think this is going to be a situation where 1 plus 1 equals 11,” said AOL CEO Tim Armstrong, befuddling AOL co-founder and former CEO Steve Case among others. We can't wait to get our hands on his calculator.
As Editor-in-Chief of our newsroom, I’m extremely proud of the work our top-notch journalists are doing here at LAist. We’re doing more hard-hitting watchdog journalism than ever before — powerful reporting on the economy, elections, climate and the homelessness crisis that is making a difference in your lives. At the same time, it’s never been more difficult to maintain a paywall-free, independent news source that informs, inspires, and engages everyone.
Simply put, we cannot do this essential work without your help. Federal funding for public media has been clawed back by Congress and that means LAist has lost $3.4 million in federal funding over the next two years. So we’re asking for your help. LAist has been there for you and we’re asking you to be here for us.
We rely on donations from readers like you to stay independent, which keeps our nonprofit newsroom strong and accountable to you.
No matter where you stand on the political spectrum, press freedom is at the core of keeping our nation free and fair. And as the landscape of free press changes, LAist will remain a voice you know and trust, but the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news from our community.
Please take action today to support your trusted source for local news with a donation that makes sense for your budget.
Thank you for your generous support and believing in independent news.
Chip in now to fund your local journalism
(
LAist
)
Trending on LAist
-
The union representing the restaurant's workers announced Tuesday that The Pantry will welcome back patrons Thursday after suddenly shutting down six months ago. -
If approved, the more than 62-acre project would include 50 housing lots and a marina less than a mile from Jackie and Shadow's famous nest overlooking the lake.
-
The U.S. Supreme Court lifted limits on immigration sweeps in Southern California, overturning a lower court ruling that prohibited agents from stopping people based on their appearance.
-
Censorship has long been controversial. But lately, the issue of who does and doesn’t have the right to restrict kids’ access to books has been heating up across the country in the so-called culture wars.
-
With less to prove than LA, the city is becoming a center of impressive culinary creativity.
-
Nearly 470 sections of guardrailing were stolen in the last fiscal year in L.A. and Ventura counties.
Best of LAist