Yahoo in talks with News Corp. on possible deal

Yahoo is discussing a possible internet partnership with media conglomerate News Corp., its latest effort to repel Microsoft's takeover bid or pry a better offer from the unsolicited suitor, a person familiar with the situation, quoted by an Associated Press report, said.

The specifics of the proposed joint venture haven't been worked out, according to the person, who didn't want to be identified because the talks are considered confidential, the Associated Press report said.

Both The Wall Street Journal and a prominent blog, TechCrunch, reported that News Corp. is interested in folding its popular online social network, MySpace.com, and other internet assets into Yahoo, an idea that first came up last year, the Associated Press report said.

News Corp. owns The Wall Street Journal.

News Corp. and a private equity firm reportedly would buy significant stakes in Yahoo as part of a complex deal designed to boost the Sunnyvale-based company's market value above Microsoft's initial bid of $44.6 billion, the report said.

A Yahoo spokesman said the company continues to 'carefully and thoroughly' evaluate alternatives that will enrich its long-term shareholders. Yahoo's board reportedly is to meet again to consider the company's next move.

News Corp. declined to comment on the Yahoo talks.

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