Yahoo Inc and Facebook have agreed upon settling a dispute upon patents, according to sources familiar with the situation.
The deal will be ending the lawsuits that had been filed by the firms against each other, without any money getting exchanged, according to the anonymous sources.
The same deal had been earlier reported by the technology site AllThingsD on Friday. It had also said that the deal also comprised of joint efforts in advertising sales along with cross-licensing of the patents between the two firms.
Earlier in March, Yahoo had sued Facebook accusing the social networking giant of infringing upon as many as 10 patents of Yahoo which covered advertising, social networks and privacy controls.
Following this, Facebook Inc. had made a purchase of around 750 patents from IBM Corp. and had tehn filed its own lawsuit against Yahoo for patent infringements.
Also, Facebook had announced that it will be paying $550 million for the 650 patents that had been brought from AOL Inc by Microsoft Corp.
Yahoo has then added to more patents in its complaint.
Facebook in May, completed its IPO of the stock, while Yahoo had its CEO, Scott Thompson, replaced after questions arising out of a biography accusing him of forging a degree he never earned.
Stocks of Facebook Inc were up by 0.79 % to 31.72 and had a volume trading of 9.74M on the bourses today.
Yahoo Inc was down by 0.44 per cent to 15.78 and had a volume trading of 10.70M on the bourses.