1.
U.S. markets recover from steep losses
REDMOND, Wash., Oct. 24 (UPI) -- U.S. software giant Microsoft beat Google and Yahoo! in the stakes race for social network Facebook, agreeing to pay $240 million for a stake in the company.
The two companies said Wednesday Microsoft's investment would give the Redmond, Wash., concern a 1.6 percent stake in Facebook, The New York Times reported.
"We think this expanded relationship will allow Facebook to continue to innovate and grow as a technology leader and major player in social computing," said Owen Van Natta, Facebook's chief revenue officer.
Under terms of the deal, Microsoft will sell the banner ads appearing on Facebook outside the United States, with the two companies splitting the revenue. Last year, Microsoft struck a deal with Facebook to run banner ads in the United States through 2011.
"Making this investment and expanding ... is a great win for not only for our two companies, but also our collective users and advertisers," said Kevin Johnson, president of the Platforms & Services Division at Microsoft.
Facebook, based in Palo Alto, Calif., said the investment will allow it to add employees, expand overseas and aggressively develop an advertising system tailored to its users.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
