Yahoo and Microsoft mutually agreed to extend that deadline to a 60-day period following February 23.
Yahoo Inc and Microsoft Corp agreed to extend by 30 days the deadline to re-negotiate a 10 year search deal, as the two Internet companies attempt to revamp a thorny partnership crafted by former chief executives.
The search partnership, which took effect in 2010, 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 Feb. 23.
According to a filing with the U.S. Securities and Exchange Commission on Friday, Yahoo and Microsoft mutually agreed to extend that deadline to a 60-day period following Feb. 23.
“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 declined to comment.
It was not immediately clear if the extension signalled progress or lack of consensus between Yahoo CEO Marissa Mayer and Microsoft CEO Satya Nadella.
The announcement to extend the talks comes a few days after Mr. Nadella’s mother passed away in Hyderabad, India, according to a media report .
Yahoo and Microsoft began a 10-year search partnership in 2010, in a deal crafted by former Microsoft CEO Steve Ballmer and former Yahoo CEO Carol Bartz. The two companies hoped their combined efforts could mount a more competitive challenge to Google Inc, the world’s No. 1 search engine.
The partnership has not lived up to expectations. Google still controls roughly two-thirds of the U.S. search market, while Microsoft and Yahoo’s combined share of the market is essentially unchanged at roughly 30 percent.