Arianna Huffington

AOL said back in April that it would be giving the proceeds of its $1.1 billion patent sale to Microsoft back to its shareholders. Today, the company revealed exactly how: Through a $600 million stock buy back and a $5.15 per share special cash dividend.

Microsoft bought more than 800 patents from AOL in April, which were later revealed to be most of the company’s patents for the Netscape web browser. The move was inspired by shareholder demands for AOL to profit on its patent portfolio (talk about having your wish come true).

AOL says the dividend will be paid on December 14 to shareholders on record by the end of the business day on December 5.

“Since becoming a public company in December 2009, we have demonstrated a capability to both unlock and prudently manage our valuable asset portfolio, including our tax assets,” AOL COO and acting CFO Artie Minson said in a statement today. “Today we have done both again, outlining a clear path to returning $1.1 billion in cash to shareholders, while putting in place a necessary mechanism to ensure the preservation of our valuable tax assets.”

Tim Armstrong, Arianna Huffington photo via Shutterstock