Earlier today it was leaked that the end of the legal war between Facebook and Yahoo was at hand - this afternoon it's been announced that Yahoo and Facebook will officially be tying the knot, so to speak, with portfolio cross-licensing, event cross-branding, and more. This update certainly takes the cake as far as businesses finding ways out of legal damages - and what better way to do it, after all, than with a good ol' cup of tea and a dash of patent sharing?
The battle going on between these two beasts of companies has been going on since earlier this year when one sued the other with the other responding with a suit of their own. Patents were tossed, punches were thrown, and here we are now with sharp words forgotten and both Yahoo and Facebook seeming to come out just as much ahead as the other. The official statement reads as follows, in part:
"Under the agreements, which include a patent portfolio cross-license, the parties will work together to bring consumers and advertisers premium media experiences promoted and distributed across both Yahoo! and Facebook. Yahoo! and Facebook will also work together to bring Yahoo!'s large media event coverage to Facebook users by collaborating on social integrations on the Yahoo! site."
After Ross Levinsohn, interim CEO of Yahoo and Sheryl Sandberg, Chief Operating Officer at Facebook share some kind words in writing, the statement goes on to explain that this deal is an extension of a partnership the two companies worked in previously. This new deal will have the two entering into "definitive agreements" as well as a new advertising partnership.
"Since the launch of the original multi-year partnership between Yahoo! and Facebook that allows users to discover and connect news and information on Yahoo! sites and share them with their Facebook friends, Yahoo! has integrated the feature called "Social Bar" on more than 100 of its properties globally, and more than 90 million users have implemented it. As a result, Yahoo! has the largest active user base among all news sites that have integrated with Facebook's Open Graph platform, making Social Bar the world's leading social news application."
Facebook and Yahoo have decided together to work on a series of collaborative tent-pole and anchor activities that will be annual, each of them set to provide "unparalleled experiences for consumers and world-class sponsorship opportunities for advertisers."