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.
Avon has faced declining North American sales and falling profits. Some investors have accused Jung of being too slow to turn around the beauty products company.
Sony(SNE) is another popular search on reports that the company will cut about 10,000 jobs over the next year.
According to Japanese news reports, Sony has decided to axe 6% of its work force. While Sony has not confirmed the reports, CEO Kazuo Hirai has planned a press conference for Thursday.
Up to 5,000 Sony employees are already subject to transfers due to the sale of its chemical unit and the merger of its LCD panel operation with Toshiba and Hitachi. Sony recently more than doubled its projected loss for the full fiscal year through March 2013.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.