NYT has a good story:
The terms of the 10-year agreement call for Microsoft to license some of Yahoo’s search technologies, and Yahoo will initially receive a lucrative 88 percent of search-generated ad revenue from Yahoo sites.
More as morning coffee kicks in.
Update 2: I am trying to slate some time to talk with the principals involved, if I do, I’ll write it up here later. In short, though, watch two things: 1/How yahoo plans to “own” the UI on top of Bing – given Bing’s UI is key to its differentiation, and 2/Who owns the data and how is it getting used to leverage competing display advertising platforms….