The deal of the day Facebook buys patents from Microsoft

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Microsoft and Facebook on Monday announced a $550 million patent agreement in which the social networking giant will purchase a portion of the patent portfolio Microsoft recently acquired from Aol. Facebook will take ownership of approximately 650 former Aol patents, and it will license the remaining patents owned by the software giant. Microsoft will retain ownership of approximately 275 Aol patents and will license the additional 650 Aol patents to be transferred to Facebook. “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 of 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.” Ted Ullyot, Facebook’s general counsel, said, “this is another significant step in our ongoing process of building an intellectual property portfolio to protect Facebook’s interests over the long term.”

Source bgr.com

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