[Update] BetaNews has updated their story with the official announcement. Here's Memeorandum's breaking coverage.
Insert joke about hell freezing over here… BetaNews is reporting that Microsoft and Yahoo! have inked a deal to link their competing instant messaging networks. The networks once connected will allow for text and voice chat free of charge. According to BetaNews' numbers, The new combined network will constitute 44 percent of the IM market, second to AOL's 56 percent with AIM and ICQ.
