As many local newspapers are scaling back or no longer publishing, some hyperlocal news and digital companies are making a profit. One of the more successful has been Patch. Patch was founded in 2007 and two years later AOL acquired the company. Under AOL, the company underwent financial difficulties, losing a reported $200 million to $300 million. In 2014, after AOL laid off one-third of Patch’s employees, Hale Global, a private investment company, acquired a majority ownership.
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