A few weeks ago when Microsoft's $47.5-billion takeover offer for Yahoo! withered, it was safe to assume there might be another chapter. And so it is.
Microsoft said today it wants a collaboration and some sort of transaction, but not (at least for now) a full-on takeover. The New York Times and others are reporting that the arrangement involves a deal on advertising, which is noteworthy considering the ongoing talks between Yahoo! and Google.