AOL looks to sell 800 patents

Summary:AOL is reportedly receiving help from Evercore Partners to pitch the portfolio, which could be worth roughly US$1 billion in licensing income.

AOL is reportedly receiving help from Evercore Partners to pitch the portfolio, which could be worth roughly US$1 billion in licensing income.

Patents are hot commodities in the technology sector as they can offer businesses a new revenue stream (but also sometimes a legal battle) fairly quickly.

AOL is looking for a new stream of revenue as well, but instead the one-time giant internet provider is reportedly trying to sell off approximately 800 of its patents, according to Bloomberg.

Bloomberg also reports that AOL is receiving help from Evercore Partners to pitch the portfolio, which could be worth roughly US$1 billion in licensing income.

A major sale like this doesn't come as a surprise from AOL. The beleaguered internet provider squeaked out fourth quarter earnings that were better than expected in February. However, AOL is still drawing poor profit returns from major online publishing purchases such as TechCrunch and The Huffington Post.

Earlier this month, AOL let go of more than 40 employees, mostly from within the AOL Instant Messenger unit and in its west coast US offices.

Beyond that, more layoffs could be on the horizon as the toll is expected to climb to 100 job cuts by the end of the month — likely from the hyper-local news Patch division.

Via ZDNet US

Topics: IT Employment

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

zdnet_core.socialButton.googleLabel Contact Disclosure

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.