Former AOL CTO John McKinley has joined with IAC alumnus Sean Green to create LaunchBox Digital. It's an investment fund for digital media, with incubator services and oh-so-helpful advice, according to reports. To his credit, McKinley oversaw the success of TMZ.com, but seriously, if you've got an idea with legs, why take it to the guy who couldn't figure out how to turn millions of instant-messaging users into a social network?

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