Internet provider AOL has hired Evercore Partners to find a buyer for its more than 800 patents, which could fetch as much as $1bn, and explore other strategic options.
This was revealed by three people with knowledge of the situation, according to Bloomberg
Providence Equity Partners, TPG Capital and Silver Lake are also said to have approached AOL about taking the company private, but no decision as yet been reached, according to the sources on who wished to remain anonymous.
AOL is said to be resorting to this option in a bid to offset slow advertising growth and declining numbers of its dial-up Internet subscribers, which has led the company’s revenue to decline by 29% since 2009, after it was hived off from Time Warner.
Spokeswoman for AOL Maureen Sullivan and the representatives of Evercore declined to comment about this development. AOL CEO Tim Armstrong told Bloomberg in December that he was open to going private, though he said being an independent entity was the first desired course of action.
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