Microsoft Buys Facebook Stake for $240M
SAN FRANCISCO — Rapidly rising Internet star Facebook Inc. has sold a 1.6 percent stake to Microsoft Corp. for $240 million, spurning a competing offer from online search leader Google Inc.
Culminating weeks of negotiations, the investment announced Wednesday values Palo Alto-based Facebook at $15 billion _ a stunning figure for an online hangout started in a Harvard University dorm room less than four years ago.
Microsoft also will sell Internet ads for Facebook as the site expands outside the United States, broadening a marketing relationship that began last year. (MORE)
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