AOL will sell Microsoft more than 800 patents for $1.056 billion, with a plan to return a “significant portion of the sale proceeds” to shareholders. The once-booming Internet company will keep about 300 patents related to advertising, search, and maps, but will license its remaining patents to Microsoft, while retaining perpetual licenses to the ones they’re selling. Upon the announcement today, AOL shares went up 37 percent before trading, so tonight we’re gonna party like it’s 1999.
