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Technology Stocks : What about old Time Warner

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Jun 15 5:00 PM EST

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To: sixty2nds who wrote (57)	10/12/2005 2:24:38 PM
From: sixty2nds	Read Replies (1) of 102

13:05 Color on YHOO/MSFT agreement Legg Mason notes that YHOO and MSFT announced today that they will enable interoperability between users of their instant messaging services. Firm sees this as a significant announcement, as it accelerates the importance of multifaceted peer-to-peer communications (P2PC) being provided by the major Internet applications providers. They view this as positive for YHOO and MSFT, negative for GOOG and EBAY, and uncertain for AOL (part of TWX). Firm thinks it likely that the interoperable agreements will put GOOG at a competitive disadvantage. They also think that the creation of a large P2P voice network diminishes the value of the Skype network just purchased by EBAY. They believe interoperability with AOL is inevitable, but say the timing, terms, and conditions of interoperability are likely to be determined by the broader negotiation going on between MSFT and TWX. They think GOOG could be the "odd-man-out

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