(UPDATE). Read the rest of the details about the deal here.

Here’s the latest news on the deal.

Excerpt:

NEW YORK (AFP) – – Yahoo! and Microsoft announced an agreement Wednesday to forge a long-awaited Web search partnership that would unite the two companies against market giant Google.

Under the deal, Yahoo! will use Microsoft’s new Bing search engine on its own sites, while Yahoo! will act as the exclusive global sales force for the companies premium search advertisers