Google has decided to abandon its advertising partnership with Yahoo to avoid having a "protracted legal battle" with regulators.
The deal involved Google providing some of the advertising around Yahoo's search results and would have been worth $800m (£494m) a year to Yahoo.
It was originally announced in June but has faced anti-trust objections.
Yahoo said in a statement it was disappointed that Google had decided not to fight for the deal in court.
Yahoo was relying on the deal with Google to help to placate shareholders angry about Yahoo rejecting Microsoft's takeover offer.
Google said it would not allow the prospect of a legal battle to distract it from its core mission.
"That would be like trying to drive down the road of innovation with the parking brake on," Google said in a blog.
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