Microsoft and Yahoo have hammered out the final details of their search deal, almost five months after it was first announced.
The search deal was confirmed back in July, with the companies promising investors that the details would be finalised by 27 October. However, as that date neared the companies filed a report with the Securities and Exchange Committee requesting more time.
Microsoft and Yahoo now claim the deal will be sealed in early 2010, though it is still under investigation by the Department of Justice – which is assessing whether it is anticompetitive.
Yahoo and Microsoft welcome the broad support the deal has received from key players and remain hopeful that the closing of the transaction can occur in early 2010
“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,” they say 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,” the statement concludes.
The deal has received the backing of the president of the American Association of Advertising Agencies. He sent a letter to the DOJ in October recommending the agency endorsed the agreement, claiming it would be beneficial for the industry.
The ten-year deal will see Microsoft’s Bing put to work powering Yahoo’s searches. In return, Yahoo will take over selling premium advertising for the two companies, with a revenue-sharing deal in place.
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