Today, AOL Inc. and Hale Global announced the creation of a joint venture to run Patch. Under the terms of the agreement, AOL will contribute Patch into a new limited liability company, which will be operated and majority owned by Hale Global.

Hale Global brings substantial experience in the areas of online media, local marketing, mobile, retail, and advertising and has an impressive track record for re-defining company visions and creating long-term growth from the companies they operate.

Read the full press release here.