Software giant Microsoft has joined the social networking revolution by purchasing a small stake in the popular Facebook site.

After months of rumours, Microsoft has beaten a late bid by search engine firm Google to buy a 1.6 per cent stake in the Facebook company for $240 million (£117 million).

The deal, which will see Microsoft sell internet advertising for Facebook outside of the US, values Facebook at $15 billion just over three years after being founded. Last year, the two firms announced a US-only deal which made Microsoft the only provider of broadband banner advertising on Facebook.

Owen Van Natta, chief revenue officer for Facebook, said: "We are pleased to take our Microsoft partnership to the next level. This relationship will allow Facebook to continue to innovate and grow as a technology company, as well as bring relevant advertising to Facebook's nearly 50 million active users."

Facebook was launched in 2004 by Mark Zuckerberg, who is now 23 years old.



Thursday, 25th October 2007

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