Yahoo has inked a long-term agreement with Media.net, which is a venture of web products company, Directi, to launch Yahoo Bing Network Contextual Ads, powered by Media.net. Contextual Ads are text ads which are related to the text featured on a website and are placed on the same page.

The exact financial terms of the deal have not been disclosed. The program, which appears to be on the lines of Google’s AdSense, intends to provide web publishers a solution for earning advertising revenue. According to the company, publishers can now use Media.net  to create and customize ad units that display relevant text ads from across the Yahoo! Bing Network. The program is currently limited only to websites that primarily receive the majority of their traffic from the United States, Canada or United Kingdom, and is designed to work for websites that have premium content.

Following the agreement, Media.net will exclusively manage technology, business operations and relationships with respect to publishers worldwide for the program, while Yahoo will manage technology, business operations and relationships with respect to advertisers and will be responsible for driving advertiser sales, according to the company. Yahoo! will also manage all aspects of network operations to adhere to existing quality traffic standards.

According to Yahoo, advertisers can access publisher inventory by signing up with the Yahoo Bing Network, and existing Yahoo Bing Network search advertisers that have selected to distribute their ads via syndicated search partners or that have opted-in to advertise on the content network will automatically and instantly access publisher inventory. Yahoo mentions that the implementation of the deal has already begun with Contextual Ads appearing on several Yahoo properties.

Note that Yahoo had previously shut down its Publisher network in March 2010. Directi had launched Media.net in November 2010, and offers contextual advertising solutions and targets publishers with premium content. The company is backed by Ashmore Investment Management. The network’s program for publishers and advertisers is available in limited beta.

Earlier this year, MediaNama had learned from multiple, reliable sources that Yahoo was planning to launch a publisher ad network in India. We had written to Yahoo India seeking a clarification but we never heard from them.

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