) -- Shares of



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,


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


request for comment on this story. Evercore Partners declined to comment.

Citing its sources,


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.

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