AOL closing its checkbook on


NEW YORK -- AOL has decided to pull funding on action sports Web site, the company said Wednesday.

According to a spokesperson from AOL, the decision was not performance-based. The Web portal has decided to put the money into "other efforts and initiatives to deliver robust and innovative content across a variety of channels."

AOL helped establish Lat34 in June together with production company Fusion Entertainment. The site reportedly averages 400,000 unique visitors per month, and it had 4.5 million page views in June.

AOL will maintain an equity position in the site, but the exact percentages and the nature of the relationship has not been determined. The company has pledged to support the site financially as it looks for new funding.

This move follows the November departure of CEO Jonathan Miller, who was at the helm of AOL when the site was created. The company spokesperson said this decision was unrelated, though, and "was based on the strategic goals and overall direction of the company."
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