In an effort to expand its content, the U.S. internet company AOL has bought the tech blog Techcrunch.

AOL, which previously went by the name America Online has bought the technology blog TechCrunch and the video site 5min Media. According to AOL’s CEO and Chairman, Tim Armstrong, this is part of a new strategy intended to expand the content and advertising revenue for AOL.

AOL also announced that it will shut down its social news aggregator Propeller.com next month.

TechCrunch was founded in 2005 by Michael Arrington, and will retain its
editorial freedom and complement AOL’s other technology blogs such as
Engadget, AOL said yesterday.

“TechCrunch and its team will be an outstanding addition to the high-quality content on the AOL Technology Network, which is now a must-buy for advertisers seeking to associate their brands with leading technology content and its audience.”, says Tim Armstrong.

In addition to its main site, TechCrunch also has quite a few local web sites in Europe and Japan. The company also has several niche sites such as MobileCrunch and TechCrunchIT.

AOL’s purchase of video site 5min Media gives the company access to more than 200 000 videos from over 1000 media companies. 5min Media had over 20 million unique visitors and seved over 130 million videos in August.

AOL has not disclosed the financial details, but sources close to AOL claims that the transaction was worth $30 million.

Via IDG News