Yahoo and Facebook have entered into definitive agreements that launch a new advertising partnership, extend and expand distribution arrangements, and settle all pending patent claims between the companies.

Under the agreements, which include a patent portfolio cross-license, the parties will work on offering shared advertising platforms. The two websites will also work together to bring Yahoo's media event coverage to Facebook users by collaborating on social integrations on the Yahoo site.

"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," said Sheryl Sandberg, Chief Operating Officer at Facebook.

Since the launch of the original multi-year partnership between Yahoo and Facebook that allows users to discover and connect news and information on Yahoo sites and share them with their Facebook friends, Yahoo has integrated the feature called "Social Bar" on more than 100 of its properties globally, and more than 90 million users have implemented it. As a result, Yahoo has the largest active user base among all news sites that have integrated with Facebook's Open Graph platform, making Social Bar the world's leading social news application.

Going forward, Yahoo and Facebook have agreed to work more closely and collaborate together on events annually over the next several years.