AOL to Sell 800 Patents to Microsoft in $1.1B Deal

NEW YORK ( TheStreet) -- AOL ( AOL) agreed to sell more than 800 of its patents to Microsoft ( MSFT) and to grant the software giant a non-exclusive license to its retained patent portfolio for $1.056 billion in cash.

AOL, in a press release Monday, said it would retain more than 300 patents related to among other things, advertising and search. AOL said it received a license to the patents being sold to Microsoft.