AOL has agreed to acquire popular tech blog TechCrunch for around $30 million.
The announcement was made during the TechCrunch Disrupt conference, in which AOL CEO Tim Armstrong said that the strategic acquisition was a part of AOL's effors to turn itslef into an online media and content powerhouse.
As a part of the acquisition, TechCrunch founder Michael Arrington will continue to run the platform, along with its conference division, and will get resources from AOL in order to expand.
Arrington said in a statement: “I look forward to working with everyone at AOL as we build on our reputation for independent tech journalism and continue to set the agenda for insight, reviews and collaborative discussion about the future of the technology industry.”
He claimed that AOL was the "perfect fit" for TechCrunch to expand on the Web.
TechCrunch rakes in an average $10 million in revenue every month, with 3.8 million unique visitors checking into the site in August.