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Armstrong: AOL Pursuing Acquisitions

AOL CEO Tim Armstrong on Thursday revealed that the company is back on the acquisition trail even as it overhauls its advertising and content businesses. "We're in the process right now of looking at a number of companies," Armstrong said, speaking at a Fortune magazine conference. The former Google exec has already acquired MMAFighting.com, a martial arts site, Going Inc., an events site, and Patch Media Corp., a neighborhood news provider.

Armstrong said AOL would bring a "Silicon Valley sensibility" to its content, loosely based on the same strategy Google built underneath its search engine, allowing the company to generate strong advertising revenue. "That's the same kind of approach that we will take in the content business," Armstrong said.

New York-based Time Warner, AOL's parent, plans to spin off the former Web giant into a separate, publicly traded company later this year.

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