The rumors have been confirmed – Microsoft Corp. has secured a 1.6 percent stake in the social networking site, Facebook.
Google Inc. and Yahoo! Inc. had been fighting for a piece of Facebook as well in a battle that underscores the significance of social networking to content providers.
Microsoft said it will invest $240 million in the privately held company; the deal pushes Facebook’s value to $15 billion.
In addition to pumping money into Facebook, Microsoft will coordinate the site’s worldwide advertising.
Facebook www.facebook.com
Google Inc. www.google.com
Microsoft Corp. www.microsoft.com
Yahoo! Inc. www.yahoo.com
