As of today, the display alliance between AOL, Microsoft and Yahoo! that was announced last November is operational. We are now offering each other's non-reserved display inventory to respective customers through each of our ad networks: AOL's Advertising.com, Microsoft Media Network and Yahoo! Network Plus.

The partnership will fundamentally change the way we buy and sell premium online display inventory and benefits advertisers, agencies and publishers. It was formed to help streamline the media-buying process by providing more efficient access to premium online ad inventory. The partnership is expected to extend the reach of the companies' advertisers while offering better yields for their publishing partners.

Today's news sets in motion the opportunity for advertisers and agencies to achieve scaled solutions across premium publishers, ultimately giving them access to high quality inventory and reducing friction in the marketplace. In addition to the United States, Yahoo and AOL have an agreement that extends to Canada. Microsoft's Canada business is not participating directly in the agreement.