Summary Box: Microsoft, Facebook in deal |
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Wed, 24 Oct 2007 22:00
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(AP) - BIG MONEY: Microsoft Corp. bought a 1.6 percent stake in Facebook for $240 million, valuing the rising Internet star at $15 billion.COMPETITIVE LANDSCAPE: The deal gives Microsoft an additional platform for selling ads as it tries to catch up with online search leader Google Inc. It gives Microsoft a toehold in social networking, an area where both Yahoo and Google have struggled.FACEBOOK FUTURE: Microsoft's investment should help with Facebook's ambitious plans to expand, including to markets outside the United States. Facebook users, who are encouraged to expand their ties through messaging, photo-sharing and other tools, shouldn't see any immediate changes.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Microsoft buys Facebook stake for $240M 