• The Wall Street Journal, Monday, February 4, 2008 11:45 AM

As many expected, Google swooped in with an offer to help rescue Yahoo from Microsoft's (hostile) takeover bid. This could mean many things. A guaranteed revenue deal, such as the one Google struck with News Corp.'s MySpace, is one possibility, whereby the search giant guarantees revenue in exchange for Yahoo outsourcing part of its ad business. Google could even buy Yahoo's search business outright and then turnaround and sell search and contextual links on Yahoo. But any Google involvement would attract big-time regulatory scrutiny.

Meanwhile, Google has already said the Microsoft deal "raises troubling questions," suggesting that the Web giant would lobby hard to have it blocked. Microsoft countered by saying the deal would "create a more competitive marketplace by establishing a compelling No. 2 competitor for Internet search and online advertising."

More bids are on the horizon. A well-placed source said several technology, media and financial companies have been in contact with Yahoo and its advisers about a joint bid. These could include AT&T, News Corp. and Time Warner.

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