New York – Looking to bolster its Web content, AOL (NYSE: AOL) on
Tuesday said it acquired New York-based 5min Media, the developer of a video
syndication platform, and reportedly could be on the verge of a deal for
influential Silicon Valley blog TechCrunch. Financial terms of the 5min deal
were not disclosed.
"Our acquisition of 5min Media is the latest in a
number of steps we have taken this year to better position AOL to capture the
growing video opportunity on the web," said Tim Armstrong, AOL’s chairman
The company said the move will "significantly expand" the
video offerings across its sites, and should enhance the distribution and
monetization of its original video content.
Founded in 2006, 5min maintains a
library of more than 200,000 categorized, tagged and rated videos from more
than 1,000 media companies and producers.
Separately, The Wall Street Journal
reported that AOL is in talks to acquire TechCrunch, according to a person
familiar with the matter.
The two companies, which also reportedly had
acquisition talks a few years ago, could announce a deal as soon as this week,
according to the blog GigaOM.