The company said it would record the payment along with an additional $900 million, related to Skype's valuation, as a third-quarter impairment charge.
The earn-out agreement provided for payments of up to approximately about $1.7 billion based upon specific active user, revenue and gross profit targets for 2008 and the first half of 2009.
Zennström, who helped found Skype in 2003, will become non-executive chairman of the Skype board of directors, according to eBay. The entrepreneur wanted to spend more time on new projects, eBay spokesman Hani Durzy said.
The company said its chief strategy officer, Michael van Swaaij, will act as CEO of Skype until it finds a permanent successor to Zennström. It said that Russell Reynolds Associates is searching for a replacement.
eBay also said Skype President Henry Gomez, who was also a senior vice president at eBay during his two years, would become eBay's senior vice president for corporate affairs.