AOL Announces Buyback Of $600 Million Worth Of Shares

AOL Inc. said that they will buy back $600 million worth of stock.  They will pay a dividend of $5.15 per share as part of a plan to return shareholders $1 billion.  AOL received this additional capital by selling patents to Microsoft Corporation.  AOL had won a proxy battle against activist hedge fund and pledged to give the entire $1 billion from the patent sale proceeds to their shareholders.  AOL will pay Barclays Bank $600 million up front to execute the repurchase this year.  Barclays will deliver the first four million shares by August 30th.  AOL has 93.9 million shares outstanding. [Reuters]