????而且，對雅虎員工和用戶來說，將公司出售給私募機構有可能是再糟糕不過的選擇。許多私募機構均將扭轉經營狀況視為短期成就。他們幾乎肯定會出售雅虎亞洲資產，僅保留核心業務的核心部門，而砍掉其他一切業務。幾年后，再將公司售出以賺取利潤，那時經過大調整的雅虎必將無比苗條。

????說完前兩種選擇，再談談雅虎與其他一家或者多家公司合并的可能性；這些公司和雅虎一樣，大浪淘沙之后，已經淪為互聯網產業的配角。在線廣告業務如今仍然欣欣向榮，但每隔幾年，就會出現一家像谷歌和Facebook這樣的公司，成長為互聯網行業新的中心，攫取廣告開支的大部分份額，同時繼續迅猛壯大。而余下的所有公司只能為爭奪其留下的殘羹剩飯而互相殘殺。過去數年中，雅虎就在外圍為爭奪這口剩飯而苦苦掙扎。

????位于互聯網產業中心的巨人們通過創新而不斷發展壯大，它們通過采用更為高效的新手段來吸引用戶。而在外圍競爭的公司，則靠管理龐大的內容目錄贏得利潤。盡管雅虎內部近來動蕩不斷，但過去幾個季度中，其凈利潤率始終保持在20%左右。

????雅虎的第三個選擇，也是目前的最佳選擇，是與同樣奮戰在外圍網絡爭奪有限利潤的其他公司聯手。在外圍網絡領域，規模效益可以帶動利潤率的增長。兩周前，雅虎與微軟以及美國在線建立合作伙伴關系，三方可以在彼此的網站上銷售各自的“二級”（Class 2，意即不太受歡迎的）顯示廣告。當然，這很可能只是個防衛性舉動，但有人認為，它也有可能是三方放出的一個探測氣球，以試探有無可能開展進一步的合作。

????雅虎、美國在線、和微軟將在線運營業務合并，讓人們不可避免地想到：三木成森，三人成眾。但是，除了規模經濟的優勢之外，這一交易的另一大好處還在于，它們可以互相彌補各自的弱點。長期以來，雅虎不僅與大型廣告主之間建立了長久且深入的關系，而且其核心業務始終贏利。美國在線則建立了了第二層內容帝國，現在，雅虎的銷售團隊也開始向這層內容銷售廣告。微軟不但擁有高效的搜索引擎，遍布全球的分支機構，而且手里還握有大量現金，可以用來加強雅虎在亞洲的力量。

????即便微軟、雅虎、美國在線三方聯手，在重返互聯網創新中心這一位置的過程中，它們仍然會步履維艱。但是，這樣做，三方可以擰成一股繩，更利于在奠定廣泛的用戶群的同時，運營健康的在線業務。

????盡管合并無法讓任何一方重現昔日輝煌，但終歸勝于另外一種局面：微軟和美國在線繼續潰敗，而雅虎則四分五裂。

????譯者：大海

????And for Yahoo's employees and users, a sale to private equity could become the worst option. Many private firms see a turnaround as a short-term accomplishment. They would almost certainly sell off the Asian assets and slash all but the most central operations of the core business. The buyers would sell a few years later at a profit, the remaining Yahoo would be much leaner.

????That leaves a merger with one or more companies that, like Yahoo, are also-rans on the web. Online advertising is still a thriving business, but every few years a giant like Google or Facebook comes along and plants itself at the center of the Internet, drawing in a larger share of advertising spending and growing like crazy. That leaves everyone else fighting for a share of the periphery. That's where Yahoo has been toiling for years -- on the peripheral web.

????The giants at the center of the web thrive through innovation, finding new and more efficient ways to engage users. Those on the peripheral competethrough an ability to manage a vast inventory of content that can be managed profitably. Despite Yahoo's recent turmoil, its net profit margin has remained around 20% for the past several quarters.

????Yahoo's third option -- and at this point, its best -- would be to combine forces with other companies mining the soil on the peripheral web. It's an area where economies of scale could fatten profit margins. Last week, Yahoo joined with Microsoft and AOL to form a partnership to sell each others' "Class 2" (that is, not-so-desirable) display ads on each others' sites. It could be simply a defensive move, but some thought it could be a trial balloon for something more intimate.

????Merging Yahoo, AOL and Microsoft's online operations would draw the inevitable comparisons to tying three bricks together. But beyond simple economies of scale, such a deal would offer strengths to complement the others' weaknesses. Yahoo has long and deep relationships with the biggest advertisers on the web and a core business that is profitable. AOL has built out an empire of second-tier content that Yahoo's sales force is already selling ads on. And Microsoft has an efficient search engine as well as the overseas presence and cash on hand to strengthen Yahoo's presence in Asia.

????A combined Microsoft-Yahoo-AOL would still have a hard time fighting its way back to the innovative center of the web. But it could integrate the three companies into a single one that would have a much better chance of reaching a broad base of users and running a healthy online business.

????So such a merger wouldn't return any of these companies to its glory days. But it's better than the alternative: Microsoft and AOL continuing to lose and Yahoo carved up into pieces.