Former AOL Boss Eyes Yahoo

Jonathan Miller, the "strategy guy" credited for the turnaround in AOL's (TWX - Snapshot Report) fortunes during the early part of this decade -- only to be unceremoniously dumped 2 years ago as CEO of the company -- is reported to be raising money through private equity and sovereign wealth funds to take Yahoo! Inc. (YHOO - Analyst Report) private, according to the Wall Street Journal.

This follows speculation about Microsoft Corporation's (MSFT - Analyst Report) involvement in pursuing Internet stalwart Yahoo, whose own CEO was unceremoniously pressured to step down last month. According to the Journal report, Miller is looking to raise $28-30 billion for Yahoo, which would put its per-share price at $20-22. Microsoft made a very public offer of $33 per share earlier this year. Thus far today, YHOO is trading up around 6%, or 65 cents per share, to around $11.30.

Yahoo! Inc. has rebounded from sub-$10 lows in mid-November, after posting a 3rd-straight negative quarterly earnings surprise of 56%. YHOO stock continues to feel downward pressure regarding analyst estimate revisions for the December quarter (Q4) and fiscal years 2008 and 2009.

Uncertainty follows Yahoo like a cloud these days, even with activist investor Carl Icahn buying up considerably more YHOO shares just last week.