Big day for Yahoo! In addition to tentatively agreeing to serve Google ads on its search pages, Yahoo's apparently in talks with Time Warner to fold AOL into itself, in exchange for 20 percent ownership. Time Warner will pay in cash.
Microsoft, always one to take a crappy bluff, is now in talks with News Corp. to lob a joint bid at the company anyway.
Is anybody else uncomfortable with this escalating state of affairs? Imagine if Microsoft and News Corp. end up buying Yahoo -- freshly plush with AOL's traffic and Google's search ads. We'd have a hydra controlling search, online advertising, web content and even social networking. (News Corp. owns MySpace; Microsoft owns a whoppin' 3 percent stake in Facebook.)
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