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* Yahoo may acquire all of AOL, including the access business. This is smart, actually. The access business has real value and is tightly integrated into the content and advertising businesses. It will also allow Time Warner to sell AOL for a less embarrassing price. Then Yahoo can figure out what to keep and what to kill, rather than AOL doing it artificially for them.
* Purchase price might be $8-$10 billion. For the content and ad business alone, this would be way too high. If the deal includes the access business, however, it's in the ballpark of reasonable.
* No information yet on additional terms: Time Warner contributing cash, taking huge percentage of combined company, etc.