Editor's Note: Huffington Post Acquired by Patch's Parent Company AOL

As many of you have heard this morning, AOL, Patch's parent company, made a major deal last night, acquiring the influential news website The Huffington Post.

As part of the deal, Arianna Huffington, co-founder and Editor-in-Chief of Huffington Post, will assume the role of president and Editor-in-Chief of a newly-formed Huffington Media Company, of which Patch will be integrated along with AOL brands including TechCrunch, Engadget, AutoBlog, and Moviefone.

AOL paid a reported $315 million for Huffington Post, a bold move for AOL Chairman and CEO, Tim Armstrong, who has worked to re-establish the company as an indispensible content destination online.

The acquisition of Huffington Post and subsequent formation of the Huffington Media company will create a new media group that reaches 117 million Americans and 270 million globally.

"The acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers," Armstrong said.

I believe this acquisition will mean great things for Patch. I will keep you informed as I learn more.

See the full news release from AOL here.