AOL sells 800 patents to Microsoft for $1.06 billion
AOL announced on Monday that it will sell more than half of its patent portfolio to Microsoft.
April 09, 2012 at 07:19 AM
2 minute read
The original version of this story was published on Law.com
AOL announced on Monday that it will sell more than half of its patent portfolio to Microsoft. The sale of 800 patents and their related applications, plus a license for Microsoft to use AOL's remaining patents will generate $1.06 billion for AOL.
The Microsoft deal came about after a “robust” auction of AOL's patents, according to Tim Armstrong, AOL's chairman and CEO. After the announcement, AOL's shares jumped 35 percent. The company says that it will return a “significant portion” of the sale proceeds to its shareholders before the end of the year.
After the sale, AOL will still hold more than 300 patents, and it will also have a license for the patents it is selling to Microsoft.
AOL announced on Monday that it will sell more than half of its patent portfolio to
The
After the sale, AOL will still hold more than 300 patents, and it will also have a license for the patents it is selling to
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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