Patch's Parent Company, AOL, and Huffington Post, Merge

AOL has agreed to acquire The Huffington Post, AOL's Chief Executive Tim Armstrong announced Sunday.

"Remember my New Year's resolution? It's coming true -- and it's only the beginning of February," Arianna Huffington wrote to Huff Post readers today. "Let's go down the checklist: Local? AOL's Patch.com covers 800 towns across America, providing an incredible infrastructure for citizen journalism in time for the 2012 election, and a focus on community and local solutions that have been an integral part of HuffPost's DNA. Check."

So, what did Armstrong have to say?

"The Huffington Post and AOL will occupy a unique place in the future of the Internet," Armstrong said.

"We believe in brands, quality journalism and the positive role of communities in the world -- The Huffington Post shares our values," Armstrong added. "The combination of the two companies will create the premier global and local media company on the Internet."

Co-founded six years ago by Ariana Huffington and Ken Lerer, The Huffington Post has grown to become an industry leader. Armstrong said that Huffington will be in charge of overseeing all AOL content.

"The combination of AOL's infrastructure and scale with The Huffington Post's pioneering approach to news and innovative community-building among a broad and sophisticated audience will mark a seminal moment in the evolution of digital journalism and online engagement," Armstrong added.

Read the full article from AOL's home page, or check out the initial news release.