Patch.com, a network of small-town news sites owned by AOL Inc., has emerged at the center of a tug of war over the Internet company's future.The high cost of running the local-news sites has fueled a campaign by dissident investor Starboard Value LP against AOL Chief Executive Tim Armstrong's strategy of investing heavily in online content. Starboard, which is waging a proxy battle to win several seats on AOL's board at next month's annual meeting, says that Patch should be closed, sold or put into a joint venture, with a partner sharing the cost. Inside AOL, Patch is also a flash point. Arianna Huffington, who took charge of Patch and AOL's other news and entertainment sites after AOL acquired her Huffington Post last year, distanced ... Continue reading →

The Los Angeles County district attorney's office declined Tuesday to file felony charges against four men arrested after a brawl outside Dodger Stadium. Instead, prosecutors referred the case to the Los Angeles city attorney's office for misdemeanor consideration, citing conflicting witness statements about who started the fight, claims by both sides that they acted in self defense and that the victim suffered minor injuries. Police had arrested Arthur Morales, 30; Alan Trujillo, 29; Ulisis Briceno, 26; and Alejandro Briceno, 29, after the game Sunday on suspicion of assault with a deadly weapon. Los Angeles police said that the victim and his girlfriend were in a Chevrolet Impala in line to exit the stadium Sunday afternoon when they were involved in a fender bender with a ... Continue reading →

BY JENNY STRASBURG AND JACOB BUNGE A senior Nasdaq Stock Market official told customers Tuesday afternoon that it would have pulled the plug on Facebook Inc.'s initial public offering had it known the full extent of the technical problems that plagued its systems. On a conference call with brokers after Tuesday's close, Eric Noll, Nasdaq OMX Group Inc.'s head of transaction services, said the exchange "by no means would have gone ...BY JENNY STRASBURG AND JACOB BUNGE A senior Nasdaq Stock Market official told customers Tuesday afternoon that it would have pulled the plug on Facebook Inc.'s initial public offering had it known the full extent of the technical problems that plagued its systems. On a conference call with brokers after Tuesday's close, Eric Noll, ... Continue reading →

No specifics at this juncture, but the company has filed a document in U.S. Bankruptcy Court that lays out a more streamlined corporate structure - including separate entities for the LAT and the other papers. Sometime next month, Tribune is expected to win court approval of its reorganization plan, which could mean an exit from bankruptcy protection by the end of the year. And then what? Most likely, the company's new owners will want to start selling off the assets. From Crain's Chicago Business: While Tribune could be streamlining its structure for the sake of simplification and potential tax benefits, it's also a potential set-up for sales, said Dan Wikel, a restructuring consultant and managing director for Chicago-based Huron Consulting Group LLC. "This structure may ... Continue reading →