Technology.am (Dec. 08, 2009) — Yahoo and Microsoft have finalized their contract to install Microsoft as the private search provider for Yahoo’s network of sites, the companies announced Friday.
The deal, first reached in July, still wants to be accepted by the US government prior to it becoming official. However the companies said in October that they wanted additional time to complete the deal owing to the “multifaceted nature of this transaction”, and Friday’s announcement is probable to be the consequence of hundreds of hours of thorough evaluation from expensive lawyers.
Company executives did not have to chalk up the frequent-flier miles to finalize this year; they signed it virtually, with Microsoft’s Qi Lu and Yahoo chief executive Carol Bartz representing their individual companies on the licensing agreement, and Ballmer and Bartz inking the definitive agreement, according to sources recognizable with the deal.
Under the conditions of the deal, Microsoft will offer search technology to Yahoo for up to 10 years, also gaining access to Yahoo’s search technology assets and some hundred employees. It will then compensate Yahoo a major portion of the ad revenue generated next to those searches.