Facebook buys AOL patents from Microsoft for $550 mln

Washington, Apr 24 (ANI): Social networking giant Facebook is paying Microsoft 550 million dollars to buy a chunk of the patent that the software firm recently acquired from AOL.

According to a Facebook lawyer, the deal is 'another significant step in the ongoing process of building an intellectual property portfolio to protect Facebook's interests.'icrosoft bought 925 patents and patent applications from New-York based Internet company AOL.

According to The BBC, it is now selling 650 of those patents to Facebook as well as licences to the other 275.

Microsoft's general counsel Brad Smith said that the agreement with Facebook enables 'the firm to recoup over half of their costs while achieving their goals from the AOL auction.'

There has been a series of recent patent deals between technology companies as they try to defend themselves in lawsuits.

Facebook, which was sued by Yahoo for patent infringement earlier this year, bought a number of patents from IBM last month. (ANI)