In March, Yahoo filed suit against Facebook claiming infringement on 10 of its advertising related patents. Initially, Facebook said that it was "disappointed" that Yahoo engaged in litigation, but it appears that, at least on paper, the two companies have found a way back to a friendly relationship.
Under the agreement, the companies are issuing a patent portfolio cross-license for advertising technologies. Yahoo also convinced Facebook to "collaborate" on deeper social integration features for Yahoo's site.
"We are excited to develop a deeper partnership with Facebook, and I'm grateful to Sheryl and her team for working hard together with our team to develop this dynamic agreement," said Yahoo interim CEO Ross Levinsohn in a prepared statement. Facebook's Sheryl Sandberg responded: "I'm pleased that we were able to resolve this in a positive manner and look forward to partnering closely with Ross and the leadership at Yahoo."
Though there were plenty of nice words exchanged between the two companies bringing an apparent happy end to the lawsuit, there were no details on the collaboration or any money that may have exchanged hands. Yahoo, however, may have found a way to tie Facebook down for some advertising advantages in the future: "Yahoo and Facebook have agreed to work more closely and collaborate together on multiple tent-pole and anchor events annually over the next several years to provide unparalleled experiences for consumers and world-class sponsorship opportunities for advertisers," the company said in a statement.