Microsoft and Facebook Hook Up

The $240 million deal offers the software titan an appealing slice of online advertisingand a $15 billion valuation for Facebook
Facebook has been rapidly catching up with MySpace as the premier social networking Web site Chris Jackson/Getty Images

After losing many battles to Web behemoth Google (GOOG), Microsoft (MSFT) finally won one. On Oct. 24, the software giant prevailed in its bid for a stake in the social network Facebook. Microsoft agreed to buy a $240 million piece of the company in a transaction that values Facebook at $15 billion.

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