Yahoo!, Microsoft extend talks on Web search agreement
Yahoo! and Microsoft have extended the deadline to finalize an agreement on their Internet search and advertising partnership, Yahoo! said Wednesday.
In a filing with the Securities and Exchange Commission (SEC), Yahoo! said the two companies had mutually agreed to continue their negotiations beyond the original date set to reach a definitive agreement.
Yahoo! and Microsoft had originally planned to complete their agreement by October 27 but in the SEC filing Yahoo! said "given the complex nature of the transaction, there remain some details to be finalized."
"The parties are working diligently on finalizing the agreements, have made good progress to date, and have agreed to execute the agreements as expeditiously as possible," Yahoo! said.
The 10-year Web search and advertising partnership unveiled in July sets the stage for a joint Yahoo!-Microsoft offensive against Internet titan Google, the dominant leader in the lucrative search and advertising market.
Under the no-cash deal, Yahoo! will use Microsoft's new Bing search engine on its own sites while Yahoo! will provide the exclusive global sales force for premium search advertisers.
The agreement between the Internet portal and software giant, which will be subject to review by US anti-trust regulators, is expected to close in early 2010.
(c) 2009 AFP