AOL said it has completed a $1.056bn patent deal with Microsoft that was first announced back in early April 2012, completing the sale of over 800 patents and their related patent applications.
The deal gives Microsoft a non-exclusive license to AOL’s retained patent portfolio.
AOL chairman and CEO Tim Armstrong said, "As our track record has shown, you should expect us to continue our momentum of creating and unlocking shareholder value through continued operational improvements and executing on our strategy."
Under the transaction, AOL also retained a license to the patents being sold to Microsoft.
AOL still owns a patent portfolio of over 300 patents and patent applications spanning core and strategic technologies, including advertising, search, content generation/management, social networking, mapping, multimedia/streaming, and security among others.
AOL expects to offer more details by the end of the month, but confirms that 100% of the patent proceeds will to stockholders.
In April, Microsoft struck a patent deal with Facebook, under which it will buy 650 of these AOL acquired patents for about $550m.
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