Shares of AOL spiked on Friday after a media report that the company has hired Evercore Partners to find a buyer for its patents.
NEW YORK (TheStreet) -- Shares of AOL(:AOL) shares spiked higher on Friday after a media report that the company has hired Evercore Partners(:EVR) to find a buyer for its patents and explore other strategic options.
Citing three people with knowledge of the matter, Bloomberg 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 TheStreet's request for comment on this story. Evercore Partners declined to comment.
Citing its sources, Bloomberg 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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