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AOL buys TechCrunch blog

AOL has acquired the US-based blog site for IT start-ups TechCrunch.

Michael Arrington, founder of the blog, said the sale was a perfect fit for the site.

"I fully intend to stay with AOL for a very, very long time. And the entire team has big incentives to stay on board for at least three years," he said.

The cost of the acquisition has not been disclosed, but reports have speculated that it may have been in the region of $25m (£15.8m).

The deal will further AOL's strategy to develop its editorial output, said the company in a statement.

This week AOL also announced the acquisition of web video firm 5min Media and social networking tools company Thing Labs.

In January AOL made 1,400 compulsory redundancies worldwide.


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