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AOL Gives Up Control of Money-Losing Patch as Shares Rise

AOL Inc. gave up control of Patch, the local news division hampered by years of losses, by entering into a joint venture with investment firm Hale Global.

Hale acquired a majority stake in Patch for an undisclosed amount. The New York-based firm, which focuses on technology investments, will maintain Patch’s more than 900 sites across the U.S., the companies said in a statement yesterday.