This is another example that “the best and brightest barter.” Viacom and Microsoft announced a wide-ranging, basically barter deal Wednesday around online ads, content sharing (licensing), games, and event promotion that will benefit each company, but especially Microsoft as it strives to better Google in online advertising.

The agreement is mostly about advertising as Microsoft pushes to expand this end of their business, wanting to turn advertising into a core business.

Microsoft has been strengthening its online advertising position as it battles Google, AOL, and Yahoo for dominance. In June, the Redmond, Washington-based company paid over $6 billion for aQuantive, whose software now forms the backbone of Microsoft’s newly created advertising group.

Under the deal, Viacom has agreed to use Microsoft’s new ad serving software, known as Atlas AdManager, to place online ads and monitor and optimize their effectiveness. The system should help Viacom raise more money from its sizeable web properties, which include MTV, VH1, and Comedy Central.

The companies did project an overall value of the five-year deal at $500 million. Most of that will be through barter, not cash exchanges.

Every business, regardless of its size should embrace barter. If you would you like to learn how to incorporate barter into your business activities see BARTER

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