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Microsoft, Yahoo extend negotiations on search deal

 

Microsoft and Yahoo, which had planned to come to a definitive agreement on their proposed search deal by Tuesday, have agreed to extend negotiations, according to a filing with the U.S. Securities and Exchange Commission.

“Given the complex nature of the transaction, there remain some details to be finalized,” the SEC filing states. “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.”

Under the Microsoft-Yahoo pact, which the companies announced in July, Yahoo’s search engine would be powered by Bing and Yahoo would retain 88 percent of advertising revenue. Yahoo would handle premium search advertisers for both companies.

Microsoft and Yahoo plan to close the deal by early 2010. However, it is subject to regulatory approval by U.S. and European antitrust watchdogs. Regulators continue to examine the proposed partnership.

In a joint statement, Microsoft and Yahoo said they are still committed to the agreement.

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