Facebook and Yahoo!

The buzz began when the journal came out today, touting a possible $1 billion deal by Yahoo to acquire Facebook. The Journal was quick to say that talks were still preliminary and that Gooogle and Microsoft could still get involved, but the word on the street seems to be that Yahoo! is relatively close to making things happen. Any deal would be quite the windfall for Facebook and its CEO, Mark Zuckerberg. Zuckerberg, who started the social networking website from his dorm room at Harvard owns approximately 30%.

The hoopla began last year when Fox/News Corp. bought MySpace for $500 million.

Interestingly Time Warner CEO Dick Parsons isn't so keen on the $1 billion price tag.