Most people remember at least something about RealNetworks Inc. Perhaps it's the little RealPlayer tool to stream audio or video content over the Web. Or the company's Rhapsody subscription service, which helped pioneer online music distribution. But what has become of RealNetworks now?

It's the first question Thomas Nielsen asked when he was tapped to become president and CEO of the Seattle-based company in November. "My initial reaction was: wow, RealNetworks? Are they really still around?" the Danish-born 41-year-old recalls.

Founded in 1994, RealNetworks was known for creating the tools and conduits for piping Internet video and music for consumers and enterprise customers alike. But over the past several years, Nielsen acknowledges, RealNetworks' focus has blurred and shareholders have been disappointed.

Additionally, the world of content distribution has changed dramatically, with Apple Inc.'s iTunes taking charge of the online music industry and other rivals, including Microsoft Corp. and Nielsen's former employer Adobe Systems Inc., stepping up competition.

Yet Nielsen was won over once he started digging into RealNetworks' wide array of offerings, and it didn't take too long to find the first "hidden treasure" among the company's assets.

On Jan. 26, the company announced the sale of a portfolio of patents and video-encoding and -decoding software to chipmaker Intel Corp. for $120 million. The deal, which included 190 patents and 170 patent applications and an agreement under which RealNetworks gets to license the sold technology, was an instant hit among investors, who sent the company's shares soaring 35% to close at $9.89 the day it was announced.

"This deal is wonderful, it's our biggest in six or seven years, and the term sheet is amazing," says Nielsen, pointing to the licensing agreement struck with Intel as part of the transaction. "I believe investors reacted as they did because they think, 'Finally, someone has come along and unlocked value for the many of us who have stayed with this stock.' "

Nielsen warns he has no intention of breaking up the company and selling off the pieces, of which there are many: RealNetworks operates a casual-gaming division, the Helix streaming media platform, the RealPlayer video player and the SuperPass online video service, among other offerings.

It also owns a significant stake in online music service Rhapsody International Inc., which it helped launch nearly a decade ago.

Rather, Nielsen insists the RealNetworks board sought his expertise in developing products and fostering growth, the latter of which is a challenge for most maturing technology companies. He says that his nearly three months with the company has enabled him to develop a strong sense of where he wants to take RealNetworks.

"We need to focus, focus, focus," Nielsen says. "That doesn't necessarily mean trimming down, though it could be one of the effects. But we need to find the thing we truly want to be good at."

If it can home in on the right strategy, RealNetworks is in a strong position to take advantage of the continuing explosion of audio and video content on the Web, he argues. For the past 15 years, the company has made a business of helping people access that content, and content owners monetize their assets.

"The ecosystem was simpler back then, but we have an incredible opportunity now, especially because we have many of the tools in our toolbox," Nielsen says.

Careerwise, taking the helm of RealNetworks affords Nielsen a unique opportunity. He left a vice president position at Adobe, where he ran a $500 million digital-imaging group -- its largest product unit.

His new job puts him in charge of a company in transition -- a story not unlike that of Scott Thompson, who last month left his role as head of eBay Inc.'s successful PayPal payments division to become Yahoo! Inc.'s CEO. Nielsen sees the similarity, but also the contrast.

"There's a lot of value here that I can do a lot with, and it's a strong balance sheet, but it isn't a Yahoo!, where everyone's eyes are on you," he says. Still, RealNetworks is an iconic brand and company, Nielsen argues, which enables him to make a far bigger mark than he would if he were to, say, launch a startup.

"I wanted to take a big swing at the fences in the software industry and be able to look at products five years from now and say they actually made an impact," he says.

The bottom-up analysis of RealNetworks that Nielsen started when he arrived is now nearing completion, he says, and multiple transactions could be on the horizon.

"I'd be very surprised if this is the last deal you see in the next 180 days," he says. "There will be some businesses that I will want to stay in and some that I don't want to stay in."

If he can unearth treasure similar to the patents and software RealNetworks is selling to Intel, investors might have even more to cheer about.