The man who best symbolises how the traditional media sector should embrace the new media era, could bag itself a real bargain.
According to the Wall Street Journal, News Corp is considering merging its internet properties plus some money with Yahoo in return for a 20 percent share which would allow Yahoo to remain independent for now.
SiliconAlleyInsider mentions MySpace and other Fox Interactive Media Assets worth between $6 and $10 billion and Cash between $5 and $9 billion.
Yahoo had refused Microsoft's offer of $44.6 billion on Monday saying that it seriously undervalues the company's brand and goodwill as well as earnings potential.
News Corp already owns Myspace and substantial media interests including a chunk of BSkyB, The Sun, Fox news and The Times.
The deal, if it goes ahead, would probably require some serious financial jiggery-pokery as News Corp is not financially as strong as Microsoft having 'only' earned $10 billion as gross profit in 2007, a quarter of what Microsoft made during the same period.
Infoworld says that apart from News Corp's own cash, there might be a private equity firm involved which could mean even more layoffs at Yahoo.