Yahoo, Microsoft extend negotiations for search pact

Yahoo and Microsoft have agreed to extend the negotiating period for their search ad pact.

Yahoo and Microsoft said Wednesday that they have agreed to extend the negotiating period for their search ad pact.

The companies had expected to execute a definitive agreement by Oct. 27. Microsoft and Yahoo announced their search deal in late July.

In a regulatory filing, Yahoo said the company and Microsoft have:

"Mutually agreed to extend the period to negotiate and execute a Search and Advertising Services and Sales Agreement and a License Agreement (the "Definitive Agreements") reflecting and supplementing the provisions of such agreements as set forth in annexes to their binding letter agreement dated July 29, 2009 (the "Letter Agreement"). The Letter Agreement specified that the parties would execute Definitive Agreements by October 27, 2009, but given the complex nature of the transaction, there remain some details to be finalized. The parties are working diligently on finalizing the agreements, have made good progress to date, and have agreed to execute the agreements as expeditiously as possible."

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