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AOL marks $1.056B patent sale to Microsoft with $1,056 holiday bonus for employees
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AOL marks $1.056B patent sale to Microsoft with $1,056 holiday bonus for employees

AOL marks $1.056B patent sale to Microsoft with $1,056 holiday bonus for employeesPatent gross sales usually have little to do with the common worker, negotiated and transacted by hordes of legal professionals. However now these unhealthy boys of the tech world may very well be performing some good this holiday season.

TechCrunch reports that AOL is paying bonuses out to employees within the quantity of $1,056. What’s the importance of that quantity?

Nicely, as you could recall, AOL offered greater than 800 patents earlier this yr to Microsoft for a cool $1.056 billion in cash. Coincidence? Most likely not.

In fact, the holiday bonuses mark a a really small proportion of the full haul AOL received from the patent sale.

As of final December, AOL employed 5,660 folks, together with 1,410 in its hyperlocal information community Patch. Which means the holiday bonus would value the corporate about $6 million, primarily based on final yr’s worker rely. On the time of the patent sale earlier this yr, AOL boss Tim Armstrong famous that the deal would unlock worth for shareholders as a part of a “technique to create long-term shareholder worth.” Shares of AOL have greater than doubled this yr, and they’re up 68 p.c for the reason that patent sale.

AOL has restructured for the reason that starting of the yr, with about 40 employees losing jobs back in March. The corporate continues to carefully monitor bills, and one might have a look at the bonuses as a means to hold a few of the remaining employees engaged of their jobs throughout a tense interval on the operator of Promoting.com, Huffington Put up, TechCrunch, Patch and different properties. (AOL posted web revenue for the primary 9 months of the yr of $1.012 billion, largely primarily based on the patent sale to Microsoft. It lost $9.7 million final yr).

TechCrunch’s John Biggs, an AOL worker, wrote of the bonus:

Like Scrooge after discovering the True Spirit Of Christmas, AOL is providing a shiny half-crown (value $1,056) to the little boy (its employees) as thanks for bringing the prize Turkey from the Poulterer’s this holiday.

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