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Microsoft to Buy Skype for $8.5 BillionMicrosoft said it will buy Skype, the Internet telephone service, for $8.5 billion. The tech company said communications are the backbone of the company, and that Skype's services will be combined with existing Microsoft products. The deal would be the largest in Microsoft's 36-year history.

"Skype has developed multiple revenue streams, and overall revenue has grown 20 percent year over year, and I think represents a very significant go-forward opportunity," said Steve Ballmer, Microsoft's CEO.