It's true: Google is really selling Motorola Mobility to Lenovo. We just got the release from Lenovo announcing the $2.91 billion deal.
From the release:
Lenovo (HKSE: 992) (ADR: LNVGY) and Google (NASDAQ: GOOG) today have entered into a definitive agreement under which Lenovo plans to acquire the Motorola Mobility smartphone business. With a strong PC business and a fast-growing smartphone business, this agreement will significantly strengthen Lenovo's position in the smartphone market. In addition, Lenovo will gain a strong market presence in North America and Latin America, as well as a foothold in Western Europe, to complement its strong, fast-growing smartphone business in emerging markets around the world.
Lenovo's acquisition include the Moto X, the Moto G, and the Droid Ultra series, but Google will be retaining the majority of Motorola's patents. Google only bought Motorola back in August of 2011, so its a very quick and unexpected turnaround. Although when put in the context of the fact that Google will hold onto the intellectual property part of things, this deal makes a little more sense.