AOL’s patent portfolio would be valued at about $290 million in a sale, less than a third of the amount that shareholder Starboard Value has estimated it could generate, according to patent-advisory firm M-Cam.

AOL has hired Evercore Partners to explore strategic options and find a buyer for its more than 800 patents.

Caroline Campbell, a spokeswoman for AOL, declined to comment.

Shares of AOL closed unchanged at $19.29.