It appears Microsoft has been in discussions with Yahoo! for the past 18 months about a proposed $44.6 billion acquisition, which was just publicly announced by Steve Ballmer.

Perhaps this is Microsoft’s attempt to directly compete with the GOOG for search marketing revenue.

From Alec Saunders’ Microsoft & Yahoo post:

CFO Chris Liddell gave an overview of the deal. It’s valued at $44.6 billion 50% in cash and 50% in equity, with .9509 Microsoft shares per Yahoo! share based on yesterday’s closing price. They expect to break even in the second full fiscal year.

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