NEW YORK -- AOL, Inc. (NYSE: AOL), today announced that it has completed the previously announced $1.056 billion patent transaction with Microsoft Corporation (NASDAQ: MSFT) (“Microsoft”). The transaction includes the sale of over 800 patents and their related patent applications, and grants Microsoft a non-exclusive license to its retained patent portfolio for aggregate proceeds of $1.056 billion in cash.

“The closing of this transaction represents another major step for AOL in increasing value for our shareholders,” said Tim Armstrong, Chairman and CEO. “As our track record has shown, you should expect us to continue our momentum of creating and unlocking shareholder value through continued operational improvements and executing on our strategy.”

AOL Inc. (NYSE: AOL)