Microsoft Corp. and Yahoo Inc. have received authorization from regulators in Washington and Europe to proceed with a partnership in search tools that aims to compete with Google Inc.
The companies announced on Thursday that the association has been approved without restrictions by the Department of Justice and the European Commission. Within the 10-year agreement, the form of Microsoft Bing process search requests and direct them related ads on Yahoo. Yahoo has the right to receive 88% of the revenues generated from ads placed alongside search results on their sites.
The companies said they will begin implementing the agreement in coming days to change the Yahoo search platform from Microsoft. They hope to move most of its advertisers and publishers before the 2010 holiday season, but could wait until 2011 if needed and expect to complete the process by early 2012.
This agreement comes just after the Justice Department said in 2008 that it would object Yahoo plan to team up with Google in search. That refusal led to Yahoo turning to Microsoft, which had once offered to buy Yahoo in its entirety.
A statement from the European Commission said that the Yahoo-Microsoft partnership "would not significantly impede effective competition".
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