The tech patent land rush continues, with two titans agreeing to a massive deal. As paidContent’s Jeff John Roberts reports:

Facebook announced today that it will pay $550 million to Microsoft for the right to 650 patents and patent applications.

Microsoft acquired those patents and hundreds of others in a deal with AOL earlier this month.

Between this and Facebook’s $1 billion purchase of mobile photo sharing app Instagram earlier this month, the social networking giant is currently on a big spending spree.