Exhibit 99.2

FOR RELEASE

February 16, 2012

ACACIA RESEARCH REPORTS FOURTH QUARTER

AND RECORD YEAR END FINANCIAL RESULTS

ALSO ANNOUNCES FIRST QUARTER 2012 PROGRESS

Newport Beach, Calif. – (BUSINESS WIRE) – February 16, 2012 – Acacia Research Corporation⁽¹⁾ (Nasdaq: ACTG) today reported preliminary results for the three months and year ended December 31, 2011. The income tax provision for the three months and year ended December 31, 2011 is preliminary and subject to completion and adjustment. As such, related net income (loss) and earnings (loss) per share for the three months and year ended December 31, 2011 are subject to adjustment resulting from finalization of the income tax provision in connection with the completion of our year end close procedures and the filing of our 2011 annual report on Form 10-K.

Fourth Quarter 2011 Results

Fiscal Year 2011 Results

First Quarter 2012 Progress

Consolidated Financial Results

Overview

Financial highlights and operating activities during the periods presented included the following:

“Acacia Research revenues and other operating income were a record $184,707,000, up 40%, in fiscal year 2011, compared to $131,829,000 in fiscal year 2010. Acacia’s operating subsidiaries acquired control of 40 new patent portfolios during 2011 for future licensing and ended the year with over 200 patent portfolios. Cash and investments increased during the year by $218,770,000 to $323,286,000 at the end of the year,” commented Acacia Research Chairman and CEO, Paul Ryan.

“Acacia Research fourth quarter 2011 revenues were $20,795,000, compared to $13,102,000 in the year ago period. Acacia generated revenues from 37 new licensing agreements, covering 26 different technologies, including initial revenues from 4 new licensing programs.”

“Acacia Research reported net income of $19,976,000, or $0.48 per diluted share, in fiscal year 2011, including non-cash patent amortization and non-cash stock compensation charges totaling $23,324,000. Marketing, general and administrative expenses for 2011 increased to $35,693,000 from $25,067,000 in the comparable 2010 period. Litigation and licensing expense decreased to $13,005,000 versus $13,891,000 in the prior year.”

“We entered 2012 with the largest number of licensing opportunities in our history. Acacia expects continued growth in new licensing programs and the addition of new patent portfolios for future licensing, as we continue to build our leadership position in patent licensing. Quarterly revenues will continue to be uneven.”

“Acacia’s success in completing over 1080 licensing agreements to date, covering 112 different technologies, continues to generate interest from technology companies, universities and research centers wanting to partner with us and have us take over the licensing of their patented technologies.”

“We have also begun to expand our patent licensing business by partnering with large companies and have entered into a number of recent agreements covering patents issued to major technology companies,” concluded Mr. Ryan.

Trailing twelve-month revenues, including other operating income, were as follows (in thousands):

As of December 31, 2011, on a consolidated basis, we have generated revenues from 112 technology licensing and enforcement programs, as compared to 91 programs as of December 31, 2010.

Summary Financial Results

For the Three Months and Years Ended December 31, 2011 and 2010

Revenues and Other Operating Income (in thousands):

Revenues in the fourth quarter of 2011 increased $7,693,000, or 59%, to $20,795,000, as compared to $13,102,000 in the comparable prior year quarter.

Revenues and other operating income in fiscal year 2011 increased $52,878,000, or 40%, to a record $184,707,000, as compared to $131,829,000 in the comparable prior year.

Verdict Insurance Proceeds. In April 2011 Creative Internet Advertising Corporation (“CIAC”), an operating subsidiary of Acacia, received a $12.5 million final judgment stemming from its May 2009 trial verdict and corresponding damages award in its patent infringement lawsuit with Yahoo! Inc. Yahoo! Inc. appealed the verdict. In April 2011, a three Judge panel of the United States Court of Appeals for the Federal Circuit reversed the District Court’s judgment of infringement in a 2 to 1 decision. In 2009, CIAC purchased a specific contingency insurance policy under which the insurer agreed to indemnify CIAC for covered losses incurred as a result of a final adjudication entered in the underlying litigation which resulted in a revised final judgment amount that was less than the $12.5 million final judgment covered under the policy (hereinafter, “verdict insurance”). As a result of the reversal of the District Court’s judgment described above, in September 2011, CIAC submitted a claim under the insurance policy and received $12.5 million in verdict insurance proceeds.

Cost of Revenues (in thousands):

Fourth quarter 2011 inventor royalties, noncontrolling interests (2010 periods only) and contingent legal fees, on a combined basis, as a percentage of total revenues increased to 58%, as compared to 47% in the comparable prior year quarter.

Fiscal year 2011 inventor royalties, noncontrolling interests (2010 periods only), contingent legal fees and verdict insurance proceeds related costs, on a combined basis, as a percentage of total revenues and other operating income increased to 50%, as compared to 37% in the comparable prior year.

Verdict insurance proceeds related costs include inventor royalties, contingent legal fees and other costs associated with the verdict insurance policy and related proceeds received, as described above.

The economic terms of the inventor agreements, operating agreements and contingent legal fee arrangements, if any, including royalty rates, contingent fee rates and other terms, vary across the patent portfolios owned or controlled by our operating subsidiaries. These expenses fluctuate period to period, based on the amount of revenues and other operating income recognized each period, the terms and conditions of revenue agreements executed each period and the mix of specific patent portfolios with varying economic terms generating revenues each period.

Fourth quarter and fiscal year 2011 litigation and licensing expenses-patents decreased due to lower net levels of litigation support, third-party technical consulting and professional expert expenses associated with our continued investment in ongoing licensing and enforcement programs. The decrease was partially offset by an increase in litigation and licensing expenses incurred in connection with our continued investment in new licensing and enforcement programs commenced since the end of the prior year quarter. We expect patent-related legal expenses to continue to fluctuate period to period in connection with our current and future patent acquisition, development, licensing and enforcement activities.

Fourth quarter and fiscal year 2011 non-cash patent amortization charges increased due primarily to amortization expense related to new patent portfolios acquired during fiscal year 2011.

In addition, the increase in fiscal year 2011 non-cash patent amortization charges also reflects the acceleration of patent amortization related to recoupable up-front patent portfolio acquisition costs that were recovered in fiscal year 2011, pursuant to the provisions of the underlying inventor agreements.

Other Operating Expenses (in thousands):

Fourth quarter and fiscal year 2011 marketing, general and administrative expenses increased due to an increase in non-cash stock compensation charges resulting from an increase in the average grant date fair value of restricted shares expensed during the fourth quarter of 2011, as compared to the prior year quarter.

In addition, fiscal year 2011 marketing, general and administrative expenses increased due to a net increase in business development, engineering and other personnel since the end of the prior year period and an increase in variable performance-based compensation costs.

Provision for Income Taxes:

The fourth quarter and fiscal year 2011 increase in our effective tax rate primarily reflects the impact of the following:

For financial reporting purposes, tax expense is calculated without the excess tax benefit related to the exercise and vesting of equity-based incentive awards. Under U.S. generally accepted accounting principles, if a deduction reported on a tax return for an equity-based incentive award exceeds the cumulative compensation cost for those instruments recognized for financial reporting purposes, any resulting realized tax benefit that exceeds the previously calculated and recognized compensation expense for those instruments is considered an excess tax benefit, and is recognized as a credit to additional paid-in capital. The deduction related to the exercise and vesting of equity-based incentive awards is available to offset taxable income on our 2011 consolidated tax returns. Accordingly, the tax expense calculated without the benefit related to the exercise and vesting of equity-based incentive awards in fiscal year 2011, totaling approximately $2.1 million was credited to additional paid-in capital, not taxes payable.

The income tax provision for the three months and year ended December 31, 2011 is preliminary and subject to completion and adjustment. As such, related net income (loss) and earnings (loss) per share for the three months and year ended December 31, 2011 are subject to adjustment resulting from finalization of the income tax provision in connection with the completion of our year end close procedures and the filing of our 2011 annual report on Form 10-K.

Financial Condition (in thousands)

Summary Balance Sheet Information:

Summary Cash Flow Information:

During the fourth quarter of 2011, patent related acquisition costs totaled $11,875,000, as compared to $5,150,000 during the comparable 2010 period. Fiscal year 2011, patent related acquisition costs totaled $14,680,000, as compared to $8,224,000 in fiscal year 2010.

Pending Acquisitions

We continue to evaluate acquisitions to expand our patent portfolio. We are currently exploring a potential significant acquisition of a third party, and have commenced due diligence efforts with respect to such potential acquisition. We cannot provide any assurance that we will reach an agreement to acquire this company or that if we do, the acquisition will be consummated or that if consummated, any of the anticipated benefits of the pending acquisition will be obtained.

Refer to the section below entitled “Summary Financial Information” for additional summary consolidated balance sheet, income statement and cash flow information as of and for the applicable periods presented.

INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES

As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release includes financial measures, including (1) non-GAAP net income and (2) non-GAAP Earnings Per Share (“EPS”), that are considered non-GAAP financial measures as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use these non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding non-cash stock compensation and non-cash patent amortization charges that may not be indicative of our recurring core business operating results. These non-GAAP financial measures also facilitate management’s internal planning and comparisons to our historical performance and liquidity. We believe these non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.

Non-GAAP Net income and EPS. We define non-GAAP net income as net income calculated in accordance with GAAP, plus non-cash stock compensation and non-cash patent amortization charges. Non-GAAP EPS is defined as non-GAAP net income divided by the weighted average outstanding shares, on a fully-diluted basis, for the respective reporting period.

Due to the inherent volatility in stock prices, the use of estimates and assumptions in connection with the valuation and expensing of share-based awards and the variety of award types that companies can issue under FASB ASC Topic 718, management believes that providing a non-GAAP financial measure that excludes non-cash stock compensation allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies, as well as providing our management with a critical tool for financial and operational decision making and for evaluating our own period-to-period recurring core business operating results. Similarly, due to the variability associated with the timing and amount of patent acquisition payments and estimates inherent in the capitalization and amortization of patent acquisition costs, management believes that providing a non-GAAP financial measure that excludes non-cash patent amortization charges allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies, and also provides our management with a useful tool for financial and operational decision making and for evaluating our own period-to-period recurring core business operating results.

There are a number of limitations related to the use of non-GAAP net income and EPS versus net income and EPS calculated in accordance with GAAP. For example, non-GAAP net income excludes significant non-cash stock compensation and non-cash patent amortization charges that are recurring, and will continue to be recurring for the foreseeable future. In addition, non-cash stock compensation is a critical component of our employee compensation programs and non-cash patent amortization reflects the cost of certain patent portfolio acquisitions, amortized on a straight-line basis over the estimated economic useful life of the respective patent portfolio, and may reflect the acceleration of amortization related to recoupable up-front patent portfolio acquisition costs. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and EPS and evaluating non-GAAP net income and EPS in conjunction with net income and EPS calculated in accordance with GAAP.

The accompanying table provided below provides a reconciliation of the non-GAAP financial measures presented to the most directly comparable financial measures prepared in accordance with GAAP.

A conference call is scheduled for today. The Acacia Research presentation and Q&A will start at 1:30 p.m. Pacific Time (4:30 p.m. Eastern).

To listen to the presentation by phone, dial (888) 646-0797 for domestic callers and (706) 758-6764 for international callers, both of whom will need to enter the conference ID 42073131 when prompted. A replay of the audio presentation will be available for 30 days at (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, both of whom will need to enter the Conference ID 42073131 when prompted.

The call is being webcast by CCBN and can be accessed at Acacia’s website at www.acaciaresearch.com.

ABOUT ACACIA RESEARCH CORPORATION

Acacia Research Corporation’s subsidiaries partner with inventors and patent owners, license the patents to corporate users, and share the revenue. Acacia Research Corporation’s subsidiaries control over 200 patent portfolios, covering technologies used in a wide variety of industries.

Information about Acacia Research Corporation and its subsidiaries is available at www.acaciaresearchgroup.com and www.acaciaresearch.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our ability to become the licensing partner for companies, and our actual

results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the effect of the global economic downturn on technology companies, the ability to successfully develop licensing programs and attract new business, rapid technological change in relevant markets, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

The results achieved in the most recent quarter are not necessarily indicative of the results to be achieved by us in any subsequent quarters, as it is currently anticipated that Acacia Research Corporation's financial results will vary, and may vary significantly, from quarter to quarter. This variance is expected to result from a number of factors, including risk factors affecting our results of operations and financial condition referenced above, and the particular structure of our licensing transactions, which may impact the amount of inventor royalties and contingent legal fees expenses we incur period to period.

ACACIA RESEARCH CORPORATION

SUMMARY FINANCIAL INFORMATION

(In thousands, except share and per share information)

(Unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS⁽³⁾

Reconciliation of GAAP Net Income (Loss) and EPS to Non-GAAP Net Income (Loss) and EPS

(In thousands, except per share data)

ACACIA RESEARCH CORPORATION

SUMMARY FINANCIAL INFORMATION, (CONTINUED)

(In thousands)

(Unaudited)

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

ACACIA RESEARCH CORPORATION

SUMMARY FINANCIAL INFORMATION, (CONTINUED)

(In thousands)

(Unaudited)

CONSOLIDATED STATEMENTS OF CASH FLOWS

Business Highlights and Recent Developments⁽²⁾

Business highlights of the fourth quarter of 2011 and recent developments include the following:

Revenues for the three months ended December 31, 2011 included fees from the following technology licensing and enforcement programs:

ADAPTIX, Inc., is an award-winning technology company long recognized in the industry as one of the first developers of cutting edge 4G wireless systems. With patents filed as early as 2000, ADAPTIX’s research and development efforts have resulted in one of the world’s most significant intellectual property portfolios focused on 4G technologies. With its rapidly growing portfolio of 230 issued and pending patents in 13 countries, ADAPTIX’s innovations extend across a broad range of 4G technologies including OFDMA and MIMO.