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September 8, 2008 5:50:31 AM CDT

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Microsoft Beats Out Google for Facebook Deal

Posted Oct 24, 07 5:00 PM CDT in Technology,  Business 

(Newser) – Microsoft has beaten out Google for the hand of fair Facebook. The much-anticipated decision was announced today: Microsoft will handle Facebook's international ad sales (it already handles US sales) and invest $240 million for a 1.6% stake in the networking site. "We are pleased to take our Microsoft partnership to the next level," says Facebook's chief revenue officer.

"The opportunity to further collaborate as advertising partners is a big reason we have decided to take an equity stake, and is a strong statement of our confidence in the long-term economics of this partnership," says a Microsoft exec. Google declined to comment on any aspect of its negotiations with Facebook.

Source Wall Street Journal

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Facebook founder Mark Zuckerberg smiles during a talk at Web 2.0 conference in San Francisco, Wednesday, Oct. 17, 2007. (AP Photo/Paul Sakuma)   (Associated Press)
Microsoft CEO Steve Ballmer gestures as he talks at the Web 2.0 Summit in San Francisco, Thursday, Oct. 18. (AP Photo/Paul Sakuma)   (Associated Press)
Facebook.com founder Mark Zuckerberg smiles at Facebook headquarters in Palo Alto, Calif., in this Feb. 5, 2007, file photo. Facebook Inc. has avoided the acquisition frenzy that's gobbled up MySpace.com,...   (Associated Press)
Microsoft CEO Steve Ballmer raises his arm as he talks about companies who want to talk to Microsoft, at the Web 2.0 Summit in San Francisco, Thursday, Oct. 18, 2007. During an animated discussion at...   (Associated Press)
Microsoft CEO Steve Ballmer laughs as he talks at the Web 2.0 Summit in San Francisco, Thursday, Oct. 18, 2007. During an animated discussion at the summit, Ballmer took a paternalistic tone, comparing...   (Associated Press)
Steve Ballmer, CEO Microsoft, speaks about the "Next Generation Internet" during a presentation in Zurich, Switzerland, Thursday, Oct. 4, 2007. (AP Photo/KEYSTONE/Walter Bieri)   (Associated Press)
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