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Today’s breaking news of technology sector, the two biggest social networking sites- Facebook and Yahoo have tie up by signing Internet advertising and licensing partnership deal on Friday.

As a part of their strategic move, the deal that is the settlement to their dueling patent lawsuits will include cross-licensing of patents and collaboration on advertising sale offerings of some key patents between the two companies.

“I`m pleased that we were able to resolve this in a positive manner and look forward to partnering closely with Ross and the leadership at Yahoo,” Sheryl Sandberg, Facebook’s Chief Operating Officer and newest board member, said while approving the deal.

Reports said, it was the Yahoo that initially sued Facebook in March, claiming the social networking was “one of the worst performing sites for advertising” prior to adopting its ideas, had infringed 10 of its patents cover online advertising under the chairmanship of former CEO Scott Thompson. Patent dispute had settled shortly after Thompson ousted after a scandal erupted over inaccuracies in his resume. Now CEO Ross Levinsohn is head of board.

The performance of Yahoo has been going to worse since 2008 while it dismissed Microsoft’s takeover offer as series of shifting chief executives followed from many years.

Now, Yahoo is the much struggling company seeking a definite strong position in Internet market across globe covering by other dominators such as Apple, Google, Facebook, and Twitter.

Moreover, finally both networking companies agreed to settle their patent disputes that enhance their users’ coverage area as permit to share their content on both site. Facebook had filed a countersuit against Yahoo in early April.