AOL says it has agreed to sell 800 of its patents and their related applications to Microsoft and grant it a licence for its remaining patents for a total about $US1.06 billion ($A1.04 billion) in cash.
New York-based AOL Inc also says it plans to return some of the sale proceeds to its shareholders.
AOL shares jumped 37 per cent in premarket trading on Monday.
The company says it will still hold over 300 patents and applications covering a variety of core and strategic technologies. AOL also received a licence to the patents being sold to Microsoft Corp.
AOL says it will determine the best way to distribute some of the sale proceeds to shareholders before the sale closes, which is expected to happen by the end of this year.
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