SOCIAL NETWORK Facebook and internet portal Yahoo have ended a patent spat by joining forces for an advertising partnership.
Back in March, Yahoo filed a lawsuit against Facebook claiming that the firm had based its "entire business" on 10 patents it owned, which included patents relating to streaming video and timeline content.
Facebook retaliated against the search engine company, saying that it infringed on its patents too, including those used in web-based applications.
However, on Friday, the two companies announced that they will cross-license the patents in question and will also join forces to collaborate on advertising deals across both web sites. This will include Yahoo event coverage on Facebook, and an expansion of the network's social integration on Yahoo.
"We are looking forward to building on the success we have already seen to provide innovative new products and experiences for both consumers and sponsors," said interim Yahoo CEO Ross Levinsohn.
"Combining the premium content and reach of Yahoo as the world's leading digital media company with Facebook provides branded advertisers with unmatched opportunity."
"Yahoo's new leaders are driven by a renewed focus on innovation and providing great products to users," said Facebook COO Sheryl Sandberg.
"Together, we can provide users with engaging social experiences while creating value for marketers."
If only Apple and Samsung could do the same. µ
Plus the cost of ambition as moonshots eat into the coffers
Spoiler alert: it's probably VeriSign
Did we say cuts off? We meant traps them inside their own home