It has been reported that Michael Arrington has reached out to AOL CEO Tim Armstrong, as well as others in Silicon Valley, about buying back his popular tech news site-Techcrunch. AOL bought Techcrunch from Michael Arrington for more than $25 million almost exactly a year ago.
Source close to the story says AOL is not inclined to sell the site, which has prompted Arrington to respond with blog post on TechCrunch. He stated:
We’ve proposed two options to Aol.
1. Reaffirmation of the editorial independence promised at the time of acquisition. Given the current circumstances, that means autonomy from Huffington Post, unfettered editorial independence and a blanket right to editorial self determination. To put it simply, TechCrunch would stay with Aol but would be independent of the Huffington Post.
2. Sell TechCrunch back to the original shareholders.
If Aol cannot accept either of these options, and no other creative solution can be found, I cannot be a part of TechCrunch going forward said Michael Arrington.