A "person with knowledge of the transaction" tipped the news to Bloomberg Businessweek, though the deal hasn't been made public yet.
However, the report says, Facebook has applied to the U.S. Patent and Trademark Office for at least 500 more. Apparently it didn't want to wait for those to be approved and chose to take a shortcut in stocking up its patent portfolio.
The lawsuit from Yahoo, which has recently had a wholesale change in management and is expected to announce layoffs, likely provided the motivation.
Many tech companies are now using patents strategically to both generate revenue and discourage competition. For example, Google licenses many patents from Microsoft in the making of the Android platform, which provides a steady cash flow for Microsoft.
In other cases, such as the many patent lawsuits between Apple and Samsung, patents are used to shut competitors out of entire regions (though that's rarely the outcome).
IBM has been friendly in selling patents to younger tech companies in the past. In January, Google bought 217 patents from the IBM, including one for a "semantic social network."
Reps from Facebook didn't immediately respond to a request for comment. An IBM rep declined comment.
What do you think of Facebook's patent grab? Share your thoughts in the comments.
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