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Editor's Note: Huffington Post Acquired by Patch's Parent Company AOL

Deal forms media company with reach of 270 million people worldwide.

As many of you have heard this morning, AOL, Patch's parent company, made a major deal last night, acquiring the influential news website The Huffington Post.

As part of the deal, Arianna Huffington, co-founder and Editor-in-Chief of Huffington Post, will assume the role of president and Editor-in-Chief of a newly-formed Huffington Media Company, of which Patch will be integrated along with AOL brands including TechCrunch, Engadget, AutoBlog, and Moviefone.

AOL paid a reported $315 million for Huffington Post, a bold move for AOL Chairman and CEO, Tim Armstrong, who has worked to re-establish the company as an indispensible content destination online.

The acquisition of Huffington Post and subsequent formation of the Huffington Media company will create a new media group that reaches 117 million Americans and 270 million globally.

"The acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers," Armstrong said.

I believe this acquisition will mean great things for Patch. I will keep you informed as I learn more.

See the full news release from AOL here.

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