AOL Inc. has reportedly retained Evercore Partners Inc. to shop its patent portfolio and consider options after being approached by private equity firms interested in taking the Internet pioneer private.

New York-based AOL has been approached by firms including Providence Equity Partners Inc., TPG Capital and Silver Lake, according to Bloomberg News, drawn to the company's continued ability to generate cash from its aging dial-up Internet service business. Evercore has been hired, according to the report, to help AOL extract value from an 800-strong patent portfolio that, according to AOL shareholder Starboard Value LP, could yield more than $1 billion in licensing income.

AOL has previously said it had retained strategic advisers to consider options and shop certain assets, but the company did not reveal any further details.

The Bloomberg News report said that most of AOL's patents cover Internet advertising and communications services, with Google Inc. and Microsoft Corp. mentioned as potential buyers. Representatives from the companies and the private equity firms all declined comment or could not be reached.

Starboard in January suggested that AOL should sell its money-losing content properties, which includes The Huffington Post and Patch Media Corp., and then live off the revenue stream from its dial-up Internet business until it could find a way to monetize its patent portfolio. Starboard, which has a 5.2% stake in AOL, in late February nominated a slate of directors for AOL's board.

Patents have become the weapon of choice for battles among tech titans. Yahoo! Inc. earlier this month targeted Facebook Inc. with a patent infringement lawsuit, charging that the social network infringed on several online messaging and advertising patents. Facebook last week bolstered its portfolio by acquiring 750 patents from IBM Corp.

AOL has long been the subject of private equity deal talk. Last summer the company reportedly approached private equity firms about funding a potential combination of AOL and Yahoo!, retaining Allen & Co. and Wachtell Lipton Rosen & Katz.