Microsoft Corp. (MSFT) said Facebook agreed to buy for $550 million in cash a portion of the patent portfolio Microsoft recently agreed to buy from AOL Inc. (AOL)

Facebook will take ownership of about 650 AOL patents and patent applications, plus a license to the AOL patents and applications that Microsoft will purchase and own.

Microsoft will retain ownership of about 275 AOL patents and applications, a license to the AOL patents and applications that will now be owned by Facebook, and a license to about 300 patents that AOL did not sell in its auction.

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