Liveblogging Yahoo-Google Conference Call

Here are our notes from Yahoo's conference call today discussing it's newsearch advertising partnership with Google. CEO Jerry Yang and President Sue Decker spoke and took questions

Jerry Yang: Our discussions with MSFt have concluded, after a number of meetings, including a meeting on June 8 in which chairman Roy Bostock and management participated. Discussed a number of transaction options. Microsoft stated unequivocally it didn't want to buy all of Yahoo. Microsoft's search offer is not in best interest of Yahoo stockholders.

The agreement with Google does not preclude a change of control agreement with a third party. Clearly it is time to move on.

Deal with Google strengthens competitiveness. The strategy is to capture the growth opp in the online ad market. Core to this strategy is the convergence search and display. We view an open strategy as the key to future success.

We have taken a number of steps already down this path. The commercial agreement with Google promotes growth and profitability.

We entered into a commercial agreement?yahoo will serv paid search ads from Google along Yahoo search results.

Panama continues to operate.

The deal is non exclusive. Paid listings can come from anyone else.

It is a 10 year deal, with a 4-year initial term, and two 3-year renewals at yahoo's option. US and Canada only.

Both companies voluntarily agreed to delay implementation for 3 and a half months while Dept. of Justice reviews.

Expect $250 to $450 million in incremental operating cash flow. We believe there is $800 million revenue upside opportunity in US and Canada for search queries where upside opportunity exists.

See this as a natural extension of Right Media acquisition, and the upcoming ad management platform launch. Part of natural efforts to pursue an open marketplace. We believe an open marketplace is critical.