How did we get here?
Slowly. Microsoft and Yahoo have been talking about various combinations of acquisitions, partnerships, and alliances since 2008, before finally settling on the current deal after their disastrous acquisition talks led to Yahoo's hiring of CEO Carol Bartz. The deal was held up pending regulatory review, since just about any time that two companies in a three-company market propose joining forces, regulators will want to examine the potential aftermath.
What will change on Yahoo's site?
The changes could be very difficult to notice. Microsoft is now providing the back-end technology that generates search results and search ads based on query keywords. But Yahoo will control how those results are presented, meaning it can add all sorts of structured content like statistics for baseball players or movie times at local theaters to search queries.
What will change for Microsoft?
Microsoft will have to give up control of its major search advertisers to Yahoo's sales force in exchange for increasing its market share. Microsoft will also get to pick and choose from among Yahoo's assortment of back-end search technology developed over the years, and a certain number of Yahoo employees will now work for Microsoft.
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