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AOL Acquires StudioNow for $36.5 Million

Company also looking for replacement CTO

AOL — a company that’s gone through a series of sweeping changes over the last few months — announced a few more on Monday.

First, the company said it has acquired StudioNow, an online video platform, for $36.5 million in cash and stock. AOL said it will integrate StudioNow with Seed.com, its recently-launched content management system. StudioNow also employs a network of “thousands of editors, videographers and creative individuals” and aggregates video content.

The move represents a bet by AOL that original video on the Web will be profitable — eventually. (AOL CEO Tim Armstrong said “premium original video creation is a fundamental part of AOL’s strategy to offer consumers world-class, stimulating content at scale.”)

The company also announced Monday the hiring of a head of technology, Jeff Reynar, an former Google executive, to build out AOL’s New York Technology Center and focus on integrating the company’s various content businesses.

AOL also said it is actively seeking to recruit a new chief technology officer to replace Ted Cahall, who has announced he will be leaving the company. (Inside techball side note: On Monday, TechCrunch accused AOL of lying about Cahall’s departure, after the company denied reports last week of his impending exit.)

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