Google+ wants to be your new Flickr

Google+ is succeeding in small bursts, feature by feature. As a social network competing with Facebook it’s a flop, but its video-chat tool Hangouts is a winner. Now photo sharing is poised to be the service’s next breakout hit, thanks to an enthusiastic community of photographers who like the focus on attractive full-size images, Google+’s new photo-centric iPhone app, and a uniquely Google passion for metadata.

Scott Thompson out at Yahoo (updated)

Update: Yahoo said in a statement Sunday afternoon that Ross Levinsohn has been named interim CEO, effective immediately. Fred Amoroso was named chairman of the board. The company also said that it has settled with Third Point. Daniel Loeb, Harry Wilson, and Michael Wolf will be joining the board as a result of the proxy settlement.

AOL sells most of its patents to Microsoft for $1B, goosing its stock price 43%

Update 2 p.m. Pacific: AOL stock closed up 43 percent for the day. News hit the wires this morning that AOL plans to sell 800 of its 1,100 patents to Microsoft for $1 billion in cash, money CEO Tim Armstrong says will be used to repay AOL shareholders. This one-time transaction also grants Microsoft a non-exclusive license to to the 300 remaining patents, which cover key technologies such as advertising, search, content generation/management, social networking, mapping, multimedia/streaming, and security.

Activist shareholder Third Point launches website to chronicle Yahoo’s long, sad decline

Tech giant Yahoo has struggled to find its way over the last five years, rotating through four CEOs and a series of layoffs. Now, activist shareholder Third Point, which is agitating to add four handpicked members to Yahoo’s board, has launched an entire website, valueyahoo.com, to make its case about what is going wrong at Yahoo’s business and what can be done to turn it around.