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@techcrunch Google To The Yahoo Rescue

Yahoo had a profit miss for Q3, causing shares to drop, but there was a gem in the release that should make investors very happy.

The company says that it reached a search agreement this month with search giant Google, CEO Marissa Mayer’s old stomping grounds. It’s a three-year, non-exclusive agreement that covers both mobile and desktop audiences here and abroad.

Here’s the bit:
In October, the Company reached an agreement with Google that provides Yahoo with additional flexibility to choose among suppliers of search results and ads. Google’s offerings complement the search services provided by Microsoft, which remains a strong partner, as well as Yahoo’s own search technologies and ad products.

Referring to Microsoft as a “strong partner” is a bit of lipservice, as reports have indicated that the company would like to get out of the deal it entered in 2009. It amended that deal to make way for this new Google agreement this year.

Here’s the interesting chunk from the regulatory filing on the agreement:
Under the Services Agreement, Yahoo has discretion to select which search queries to send to Google and is not obligated to send any minimum number of search queries. The Services Agreement is non-exclusive and expressly permits Yahoo to use any other search advertising services, including its own service, the services of Microsoft Corporation or other third parties.

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