AOL announced Friday that it has closed its $1.056 billion patent deal with Microsoft, which includes the sale of more than 800 patents. Microsoft will also receive non-exclusive license to AOL's patent portfolio, AOL said in a statement. "The closing of this transaction represents another major step for AOL in increasing value for our shareholders," said Tim Armstrong, Chairman and CEO. "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." AOL still holds a license to the patents it sold to Microsoft, however, and continues to hold an additional 300 patents and applications related to "advertising search, search, content generation/management, social networking, mapping, multimedia/streaming, and security," AOL said. The proceeds will be returned to shareholders and AOL said it will provide additional details to them by the end of June.
AOL Announces Close of $1.056 Billion Patent Transaction with Microsoft
Reaffirms Commitment to Return 100% of Proceeds to Stockholders
NEW YORK–(BUSINESS WIRE)–AOL, Inc. (NYSE: AOL), today announced that it has completed the previously announced $1.056 billion patent transaction with Microsoft Corporation (NASDAQ: MSFT) ("Microsoft"). The transaction includes the sale of over 800 patents and their related patent applications, and grants Microsoft a non-exclusive license to its retained patent portfolio for aggregate proceeds of $1.056 billion in cash.
"The closing of this transaction represents another major step for AOL in increasing value for our shareholders," said Tim Armstrong, Chairman and CEO. "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."
The close of the transaction with Microsoft, including the combined sale and licensing agreement, clears the way for AOL to return more value to its shareholders and highlights the AOL Board's commitment to enhancing value for shareholders. The close also enables AOL to continue to aggressively execute on its strategy to create long-term shareholder value.
As a part of the transaction AOL also received a license to the patents being sold to Microsoft. AOL continues to hold a significant 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.
As previously announced, AOL is committed to returning 100% of the patent proceeds to shareholders. AOL's Board and management team are currently working on determining the most efficient and expedient method to return the proceeds of the patent transaction. AOL expects to provide additional details to all shareholders by the end of this month.
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