AOL seeking buyer for patents with help from Evercore

AOL seeking buyer for patents with help from Evercore

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

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TOPICS: Legal
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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 $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 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 hyperlocal news Patch division.

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Topic: Legal

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