10/27/2010 05:12 am ET Updated May 25, 2011

Microsoft To Pay Over Half A Billion Dollars To Jump-Start Windows Phone 7: REPORT

Nearly four years after Apple launched the iPhone and two years after Google open-sourced the code for its Android operating system, Microsoft is finally set to re-enter the mobile market this holiday season in a serious way with Windows Phone 7.

It is trying to catch up to those more modern smartphones the only way it can -- with cold, hard cash.