AOL is taking an axe to Patch, cutting about 500 positions from its local-news organization. According to an unnamed source familiar with the deal, 350 are expected to be let go Friday, while 150 others will stay on for 60 additional days. In an effort to make the flailing business profitable, AOL CEO Tim Armstrong—who fired someone on a conference call earlier this week—said he is trying to find partners for 400 Patch sites or close them down. "Patch's strategy will be to focus resources against core sites and partner in sites that need additional resources," the company said in a statement Friday. "The Patch team across the country has served and will continue to serve communities with journalism and technology platforms."