Tech giants Yahoo and Microsoft have mutually agreed to extend re-negotiation deadline of the search deal between the two by 30 days.
The partnership deal, which was agreed in 2010 by Yahoo’s Carol Bartz and Microsoft’s Steve Ballmer, allowed Yahoo to use Microsoft Bing’s search technology as well as search-based advertising system.
The agreement allowed the companies to negotiate changes or to terminate the arrangement entirely after five years. Under the terms of the deal, the companies had 30 days to make changes following February 23.
According to a filing with the US Securities and Exchange Commission on Friday, Yahoo and Microsoft have mutually agreed to amend the terms of the search alliance agreement, extending the deadline to a 60-day period until late April to terminate the deal.
As part of the agreement, the search alliance would remain in effect for the next five years if there was no exercise of option to exit. Yahoo’s call for the extension could mean that the company may be planning to make an exit from the alliance.
“We value our partnership with Microsoft and continue discussions about plans for the future. We have nothing further to announce at this time,” Yahoo said in a statement.
Microsoft is yet to comment on the negotiations.