I talked to Steve Jurvetson today about the sale of Skype to eBay, the terms of the deal, and what the team at Skype looked for when considering potential acquirers. It sounds like Skype had a pretty good deal and were able to name their terms.
Skype was approached by a variety of potential acquirers but was not too interested in selling at first. Skype was able to keep some form of autonomy by through its own board of directors, an annual budget from eBay, and a two-way incentive plan that provides financial and ownership incentives if Skype meets certain goals and Skype is able to take a little back if eBay does not deliver on its end with budget and marketing.