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RealNetworks is cleaning house and Intel is the buyer. Real announced today that it's selling approximately 190 patents, 170 patent applications, and "next generation video codec software" to Intel for a price of $120 million. While Real is selling the properties, it's retaining usage rights: terms say that it will be able to continue to use the patents in current and future products.

The sale is meant to be the beginning of a relationship between the two companies. Both signed a memorandum of understanding that says they'll collaborate on the future support and development of next generation video codec software, as well as related products.

Considering the move that Real has made from consumer to business offerings, the sale could be a way to raise funds for current projects by clearing out underused assets. Real markets SaaS products and services to global carriers, and also owns the Helix streaming media platform.

"Selling these patents to Intel unlocks some of the substantial and unrealized value of RealNetworks assets," says Thomas Nielsen, RealNetworks president and CEO. "It represents an extraordinary opportunity for us to generate additional capital to boost investments in new businesses and markets while still protecting our existing business."