Still better than Ali vs. Foreman. For GoTo, this is an ... er ... Overture to failure.
You've Got Google!
By Ryan Naraine , atnewyork.com daily
In its biggest client win to date, search technology upstart Google, Inc. has added AOL, CompuServe, AOL.COM and Netscape to its paid listings roster, beating out incumbent Overture Services (NASDAQ:OVER) for the lucrative deal.
America Online (NYSE:AOL) announced the deal Tuesday after the oft-extended deadline for a renewal of the Overture deal passed, giving the contract to Google to power its pay-for-placement search results. Overture will hang on to its deal to run AOL Europe's search listings in the UK, Germany, and France but give way to Google in the U.S. sites by August.
While Overture went into spin-mode (...they released the news at 10 pm ET Tuesday night...) to cushion the blow from losing AOL's business, the excitement at Google was palpable. "We're delighted (and pleased) that America Online has selected our growing paid listings service, which offers a cost-effective way to market and advertise while providing relevant search results to consumers," Google CEO Eric Schmidt raved in a statement. While financial terms of the deal were not released, it is a massive coup for Google, which already has a deal with mega-portal Yahoo! (NASDAQ:YHOO) under its belt.
Wednesday, May 01, 2002