NEW YORK (TheStreet) -
Microsoft is teaming up
Facebook over the patents Microsoft
bought from AOL
Facebook is purchasing a portion of the patent portfolio for $550 million in cash, according to the press release. The social networking giant will own approximately 650 of the 925 patents Microsoft acquired from AOL, plus a license to the AOL patents and applications that Microsoft will purchase and own.
"Today's agreement with Facebook
enables us to recoup over half of our costs while achieving our goals from the AOL auction," said Brad Smith, executive vice president and general counsel, Microsoft. "As we said earlier this month, we had submitted the winning AOL bid in order to obtain a durable license to the full AOL portfolio and ownership of certain patents that complement our existing portfolio."
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