Microsoft and the news site Digg.com have signed a deal in which the Redmond giant will become the exclusive provider of display and contextual advertising on the popular news site.  The agreement was signed for the next three years and the two companies said they will work together on future technology and advertising initiatives.

Digg.com has about 17 million monthly visitors and this agreement may be very important for Microsoft, who wants to promote its AdCenter initiative.

Prior to the deal, Google serves as Digg’s advertising partner.  Google declined to comment about Digg’s decision and the Microsoft deal.