By: Michael Arrington | Source: techcrunch.com

Yahoo has been trying to buy Facebook for a good while now, with the most recent rumored amount being for $1.62 billion. TechCrunch has obtained documents on Yahoo’s valuation of Facebook, and expected advertising revenue growth over the next 10 years.

We know that Facebook has been pursued almost since the beginning of its existence. They narrowly avoided a $10 million acquisition by Friendster in mid 2004, just months before they took their first round of financing from Accel Partners. Former Friendster execs say that the deal was close to closing, but last minute negoations over control ultimately disrupted the deal. Since then, Facebook has certainly been approached by every major Internet company.

At Yahoo, the long running courtship has lasted at least as long as this year, and is internally referred to as “Project Fraternity.” Leaked documents in our possession state that an early offer was $37.5 million for 5% of the company (a $750 million valuation) back in Q1 2006. This was rejected by Facebook.

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