TechCrunch bought by AOL

TechCrunch has quickly grown to be one of the driving forces behind the huge and dynamic world of online technology news media. In its five years of life, founder Michael Arrington has grown his news site into a globally respected and relevant online publication, one of the places journalists trust for breaking news all the time. Apparently, AOL CEO Tim Armstrong has similar feelings about the company. In a speech at TechCrunch’s annual Disrupt conference, Armstrong announced that AOL would be purchasing the news outlet for an undisclosed price. While at least one source claims that the price was $25 million, rumor has it that it could be much more. In a post on TechCrunch today, Armstrong voiced his obvious pride and excitement in owning TechCrunch.

“Michael and his colleagues have made the TechCrunch network a byword for breaking tech news and insight into the innovative world of start-ups, and their reputation for top-class journalism precisely matches AOL’s commitment to delivering the expert content critical to this audience. TechCrunch and its team will be an outstanding addition to the high-quality content on the AOL Technology Network, which is now a must-buy for advertisers seeking to associate their brands with leading technology content and its audience.”

TechCrunch is not the only major tech news site AOL has acquired. One of the biggest sites in this industry, Engadget, is also owned by AOL. The purchase of TechCrunch will definitely go a long way towards changing the face of AOL into that of a quality content creator and distributor. Other popular sites controlled by AOL include Switched, TUAW and DownloadSquad.

Arrington expressed similar excitement to be working alongside other great AOL-owned sites.

“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. I look forward to working with everyone at AOL as we build on our reputation for independent tech journalism and continue to set the agenda for insight, reviews and collaborative discussion about the future of the technology industry.”