Executives at Facebook and Yahoo! have struck a patent deal as part of a settlement. Former Yahoo! CEO Scott Thompson initiated the patent lawsuit against Facebook and then Facebook filed a countersuit.
The two companies will make an ongoing partnership including a joint ad sales effort and some cross-licensing for some of the patents.
There is no cash payment involved in the deal. There is a possibility that Facebook could later pay to license other Yahoo! patents. Yahoo! interim CEO Ross Levinsohn and Facebook COO Sheryl Sandberg negotiated the terms of the lawsuit.