Microsoft has officially taken a $240 million equity stake in Facebook during its next round of financing, valuing Facebook at $15 billion, not million but billion
"We are pleased to take our Microsoft partnership to the next level," Owen Van Natta, vice president of operations and chief revenue officer at Facebook, said in a statement. "We think this expanded relationship will allow Facebook to continue to innovate and grow as a technology leader and major player in social computing, as well as bring relevant advertising to the more than 49 million active users of Facebook."
Microsoft will be the exclusive third-party advertising partner for Facebook and the Microsoft ads will expand beyond the U.S. to Facebook's international presence. For those of you who don't already know, Facebook is a Palo Alto, Calif.-based social-networking site. The advertising deal does not appear to have expanded beyond the current 2011 expiration date.
With Microsoft and Facebook's strategic alliance, they are a force to be reckoned with. Two heads are better than one, especially in the social networking industry.
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