According to a story in the Wall Street Journal, Microsoft Inks Deal with Facebook, Microsoft has agreed to invest $240 million in Facebook that values Facebook at $15 billion. To get the investment, Microsoft out competed Google to make the investment in Facebook.
Microsoft will also begin running the sites international advertising. Microsoft had previously been running the advertising on the U.S. site.
This is going to be interesting to see what happens. The online battle over advertising is heating up. Microsoft is trying, but I think it is going to be tough road to climb against Google.