Even with its parent company, Time Warner, preparing a spinoff, AOL is in no mood to slow down. AOL has acquired local online media companies Patch Media and Going to build the company's position in the fast-growing local ad market, The Wall Street Journal reports.

AOL's new CEO Tim Armstrong is said to be working on a structure and strategy that places local content among its core functions, according to the Journal.

Patch is a technology company that operates websites to help local communities publish news and information, while Going lets users share information about local events. AOL hasn't revealed how much it paid for both companies, but an unnamed source tells the Journal each firm was acquired for less than $10 million.