About the video: From Silicon Alley Insider, June 13, 2008:

Enough with the trendy Yahoo bashing (YHOO). This is actually a smart deal--way better than the wacky chop-shop plan Microsoft proposed (Microsoft offered to buy 16% of Yahoo for $35? So what? What good does that do anyone? And how were they ever going to separate the search business, anyway?).

In this deal, Yahoo gets:

# $250-$450 of additional free cash flow in Year 1. That's a lot of cash flow! Especially because it doesn't cost Yahoo anything. # More cash flow in years 2-4, as the deal ramps and Yahoo's search-query share remains meaningful (And some cash flow in years 4-10 with almost no cost, as Yahoo's search-query share dwindles).

# The ability to maintain or phase out Panama as it sees fit. Assuming the Google deal delivers, we expect Yahoo to phase out Panama over the next couple of years, especially as its search share shrinks. It won't tell the regulators this, of course, because then it would be easier for Microsoft to argue (correctly) that this deal will crush Google's competition. But it will always have that option.