September 3, 2003
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Yahoo! said its proposed $1.63B acquisition of Overture Services has received antitrust approval from the U.S. Department of Justice. The companies must undergo shareholder votes before their merger officially closes. Overture shareholders will vote on October 7, 2003 in Pasadena, CA.
By Jim Hu
Yahoo! announced its intention to acquire Overture in July. Up until then, Overture has been one of Yahoo!'s more lucrative partners, fueling about 20% of Yahoo!'s quarterly revenue through its paid search business. Advertisers pay Overture a fee every time someone clicks on their link. Yahoo! hosts Overture links in the margins of its Web search service and has enticed millions of people to clicking on these links.
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