Facebook and Yahoo settle patent dispute [Update]

In March, Yahoo announced that it had filed a lawsuit against Facebook, claiming that Facebook was in violation of a number of Yahoo's online advertising and social networking patents. Facebook called the lawsuit "puzzling" at the time and later filed its own counter claim against Yahoo.

Today, AllThingsD.com reports that the two companies have made nice and have agreed to settle the lawsuits. The story, which uses unnamed sources, claims that there will be no cash involved in the settlement but that it will lead to some kind of new joint advertising sales projects along with a deal for cross-licensing of some of the patents.

Yahoo's lawsuit was filed when Scott Thompson was the company's CEO. Soon afterwards, Thompson resigned his position after it was discovered that he did not have a computer science degree from Stonehill College, as his official bio at Yahoo claimed. Today's story claims that the settlement talks between Yahoo and Facebook began very soon after Thompson's departure.

In related news, current Yahoo interim CEO Ross Levinsohn is reportedly the front runner to take over the job permanently. Reuters reports that Hulu CEO Jason Kilar has declined an offer to take over as Yahoo's top executive.

Update: Yahoo has made the settlement official with this press release.

Source: AllThingsD.com

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