The internet stars are aligning. Last year, AOL tied itself to Google. Ebay and Yahoo have now cemented their own partnership. Microsoft’s MSN – admittedly not the brightest star – remains stuck in its own galaxy. But how important will the alliances prove?

As with the AOL/Google relationship, the link between Yahoo and Ebay appears based around fast-growing online advertising. It is little surprise that Ebay, struggling to reassure investors over its own growth prospects, should try to make more from the opportunity. Advertising accounts for less than 3 per cent of revenue.