AOL is not exactly what you'd call a booming business. Still, the fact that it's in business at all is commendable along with the fact that it's been profitable for the past few years. So the higher ups at the company decided it was time to spread some of the wealth and buy back some shares, to the tune of $1.1 billion worth, €880 million.
No, AOL isn't sitting on $1.1 billion in cash resulted from some massively profitable venture, it has this kind of money on hand because it sold some 800 patents to Microsoft not so long ago. So now, AOL wants to spread the good fortune.
It's going to be using $600 million, €480 million to buy back shares and it's also issuing a special $5.15, €4.11 per share dividend. Any AOL shareholder still hoping for a pay day will probably not get a better chance.