A full five months after having first announced the deal, Microsoft and Yahoo have now agreed to terms on a landmark 10-year search commitment that will have Microsoft's Bing powering Yahoo's search engine, the two tech giants said.
"Microsoft and Yahoo believe that this deal will create a sustainable and more compelling alternative in search that can provide consumers, advertisers, and publishers real choice, better value, and more innovation," the two companies said today in a joint statement. "Yahoo and Microsoft welcome the broad support the deal has received from key players in the advertising industry and remain hopeful that the closing of the transaction can occur in early 2010."
Before the deal can go through, it has to first be approved by the U.S. Department of Justice, and then by the European Union. But Yahoo and Microsoft first had to negotiate terms, which turned out to be more difficult than initially expected. In a filing with the SEC earlier this year, Yahoo said more time was needed to complete the search and advertising deal with Microsoft as the two sides hammered out financial terms.
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