HALE GLOBAL WILL RESTRUCTURE PATCH'S PRODUCT BETTER: AOL CEO TIM ARMSTRONG

Betty Liu: Speaking about brands, I know you essentially sold a majority stake in Patch, the local news division, the local news service essentially, to Hale Global.  Was it hard, Tim?  It was a pet project of yours -- to let it go?
Tim Armstrong: Yes, but I think it's the right outcome for AOL because it's a $150 billion space.  We have almost 20 million consumers in that space and the product had to get restructured and I think it'll be restructured more successfully with Hale than it would on our own.  And so we're gonna hang with Hale and we're big owners of the property still and we're going to work very closely with them.  And I'd say also one of the things that we've been able to do both with Hale and also the rest of our content properties is we just purchased Gravity, the personalization company.  So all these content brands that we're invested in are going to get more personal and more human over time.
Betty Liu: But what is Hale going to do that AOL couldn't do?
Tim Armstrong: Hale basically is very, very focused on the community platform aspect of the product, which, you know, Patch struggled with a little bit.  We had great and have great editors there producing a lot of content, but really the focus on the technology stack is what Hale's going to bring to the table, I think they're going to bring a faster way to restructure that product.