The Internet search-engine firm Yahoo reported yesterday that it has signed an agreement to buy Broadcast.com in a share swap that analysts said was valued at some $5.7 billion (#5.3 billion). Broadcast.com runs an Internet site specialising in live audio and video broadcasts.

The acquisition combined the Web's leading aggregator and broadcaster of streaming audio and video programming with one of the world's leading Web networks serving more than 50 million unique users per month, Yahoo said.

Under the terms of the agreement, Yahoo will issue 0.7722 of a share of Yahoo common stock for each share of Broadcast.com common stock.

In addition, all outstanding options of Broadcast.com will be converted into Yahoo options.