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Vultures Feast on Yahoo Before It's Even Dead

The feeding frenzy around Yahoo seems to intensify with every new daily development, making me wonder when this injured animal is going to make the one-way transformation into a carcass. And it’s not just Microsoft doing the feeding with its unsolicited bid.

Reports today on TechCrunch and Silicon Alley Insider concerning Yahoo talks with News Corp. about potentially spinning off the Fox Internet Media to Yahoo with a slug of private-equity capital and maybe outsourcing search ads to Google—yeah, that’s a mouthful and more—still strike me as the usual M&A procession up to a higher bid from the acquirer. Yahoo shareholders would seem to be in no mood for this kind of fancy financial footwork, if it’s even possible. What’s more, it’s believed that Yahoo would need to lay off thousands more people to make the numbers work for a private-equity investment. What’s left then? …