The Wall Street Journal reports that Tim Armstrong, the leader of Verizon Communications Inc.’s media and advertising business, is in talks to depart, according to people familiar with the matter, leaving unfinished the task of building the unit into a digital content giant. Journal subscribers can read the full story here.
Although he argues that Patch gets a bad rap in the media, AOL CEO Tim Armstrong says that his company is making a “valuable” investment with the local media project.
Ken Doctor on lessons from the crumbling of AOL’s Patch: “The lesson now dawning on publishers worldwide is that their reliance on advertising as the major support of their news businesses is all but over. As print revenue’s decline has accelerated, growing digital ad revenue is increasingly tough as well.”