September 13, 2011 by USA Post
In a statement AOL said Arrington “decided” to stop concentrating on your recent formation of venture capital, CrunchFund. AOL remains the largest investor in CrunchFund.
However, the decision comes just 10 days after Arrington, AOL was involved in a conflict of interest spat, in which the blogger fighting Stern issued an ultimatum to his chief of AOL, Arianna Huffington.
Arrington has not enjoyed an easy relationship with Huffington since becoming editor in chief of AOL’s blog network and after 315m (£ 200m) acquisition of the site The Huffington Post in February. On Monday night, Arrington suggested that there was Huffington deceived people with his explanation of the row. He said on Twitter: “@ ariannahuff ok Let’s go ahead and talk about how this really exhausted ..”
Erick Schonfeld, number two for a long time in TechCrunch, Arrington is taking over as editor.
AOL said in a statement: “The acquisition of TechCrunch has been a success for AOL and our shareholders and we are very excited about the future of Michael Arrington, founder of TechCrunch, has decided to spend TechCrunch and AOL for their new. Formed bottom venture capital.
“Michael is a world-class entrepreneur and we look forward to supporting his new job through our investment in the venture capital fund. Erick Schonfeld has been named editor of TechCrunch. TechCrunch will expand its lead editorial the next months. ”
AOL remains the main investor in CrunchFund Arrington, according to a leaked memo sent by the internal AOL chief executive, Tim Armstrong, on Monday.
AOL has invested 10 million and CrunchFund with venture capitalists to other people – including Yuri Milner, Marc Andreessen, Ben Horowitz, Accel Partners and the founder of Digg, Kevin Rose – believed to have invested about 1 million each .
CrunchFund’s announcement 11 days ago caused a storm in the world of new business and technology blogs. Journalists accused rival businessman born in California of misconduct, arguing that new investment Arrington companies receive preferential treatment in the influential TechCrunch.
Arrington output will continue to raise questions about the future of TechCrunch on AOL, with the founder, said he was tied to the website he founded six years ago. Arrington said last week: “I am TechCrunch TechCrunch and me.”
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