"For the past year or so, AOL has been trying to reinvent itself as a content company, using the river of cash its Internet access business continues to produce as a lever to buy assets like TechCrunch and video service 5Min Media, and finally The Huffington Post. It has also spent $100 million on building out its Patch.com hyper-local news operation to almost 1,000 towns and cities, and is expected to spend as much as $120 million more this year. As I’ve described before, Armstrong is feverishly trying to build new businesses that can replacethe ones that are disintegrating, before the cash from its legacy businesses runs out and the company collapses under its own weight."
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