This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
NEW YORK (
TheStreet) -- Shares of
AOL(AOL) shares spiked higher on Friday after a media report that the company has hired
Evercore Partners(EVR - Get Report) to find a buyer for its patents and explore other strategic options.
Citing three people with knowledge of the matter,
Bloomberg reported that AOL had engaged the investment banking advisory firm to find a purchaser for its more than 800 patents.
AOL is seeking a buyer for its patents, according to Bloomberg
The Internet giant's stock surged after the report appeared, closing up 72 cents, or 4.05%, at $18.49 on Friday.
AOL has not yet responded to the
TheStreet's request for comment on this story. Evercore Partners declined to comment.
Citing its sources,
Bloomberg also reported that private equity firms, including
Providence Equity Partners,
TPG Capital, and
Silver Lake, have approached AOL about taking the New York-based company private.
Silver Lake, TPG Capital and Providence Equity Partners all declined to comment on this story.
Shares of AOL, which has wrestled with
subscriber losses, were up 14 cents, or 0.76%, to $18.63 in extended trading on Friday.
Written by James Rogers in New York.
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
Check out our new tech blog,
Tech Trends. Follow TheStreet Tech
on your wireless devices.