AOL to Sell 800 Patents to Microsoft in $1B Deal: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet Monday include AOL(AOL) as the company will sell more than 800 of its patents and related applications to Microsoft(MSFT) in a deal valued at $1.056 billion in cash.
AOL will also grant Microsoft a non-exclusive license to its retained patent portfolio. AOL will hold over 300 patents and patent applications following the deal. AOL said it plans to return a "significant portion" of the sale to its shareholders.
AOL has been under pressure from some shareholders to consider moves like a patent deal in effort to generate funds.
AOL has faced slow advertising growth and fewer dial-up Internet subscribers.
McCoy will take over Andrea Jung's position as CEO, while Jung will remain at J&J as executive chairman. McCoy will begin her new post on April 23.