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Web 2.0, Search Engines
24 October 2007
Google and Microsoft are bidding for a stake in social networking site, Facebook, and a deal is expected in the next two days, according to reports in the New York Post.
The paper cited unnamed sources, with speculation growing that the social networking site will soon be the subject of a major bid.
Should either of the technology giants be successful in acquiring the site it is estimated they will pay up to $750 million for a five per cent stake or $1.5 billion for ten per cent of the company.
Facebook is expected to announce its online advertising plans on November 6th. Both companies would be keen to explore the vast revenue thought to exist from within the site.
According to the New York Post, if Google is successful it would try to change Microsoft's current advertising deal with Facebook and if Microsoft came out on top it would hope to expand the agreement.
Mark Zuckerberg's site is keen to develop applications for the Facebook platform and recently announced a fund of $10 million. The money can be made available through grants of between $25,000 and $250,000 for any individual or company to build their business on the site.
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