The issues that have businesses and consumers in a vise cannot be addressed merely by periodic cutbacks. Dramatic changes in structure, operations, overall expenses, staffing and strategy are required. The result is the dramatic transformation of entire industry sectors and companies. No business--least of all media--will go unscathed.

The only sure thing you can say about Yahoo's fate is that it is not over until it's over...and it's far from over. Buzz persists about a possible alliance with Microsoft, and whether Yahoo's advertising service pact with Google will be approved by regulators. The major stumbling block to any deal could be valuations.