Facebook said today it is acquiring FriendFeed, the online content sharing site.

It is a logical fit for the social networking site, which has lagged behind microblogging kingpin, Twitter, in the real-time search and status game of perception in Silicon Valley. FriendFeed has also trailed well behind Twitter.

Terms were not disclosed, but it is likely be well under the $500 million Facebook once offered Twitter. In fact, sources estimate to me that the price was about $50 million in cash and stock.

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A major Yahoo investor yesterday told me that he liked what he saw so far from new Yahoo CEO Carol Bartz, but he was wary.

“I like the sizzle,” he said, referring to Bartz’s decisive take-no-prisoners style. “But I am still waiting to see if steak is there too.”

Well, Bartz sizzled at its first-quarter earnings conference call today, tossing off some ribald words as she also handed over some tough news to chew on, announcing Yahoo’s much-expected weak first-quarter results. The company also said it would cut five percent of its staff of 13,600, which is close to 700 employees.

BoomTown liveblogged the call with Bartz, who noted about Yahoo: “The most important takeaway was the importance of having a ‘Wow!’ experience.”

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BoomTown really does hope that in some secret airport hangar right now Microsoft CEO Steve Ballmer and Yahoo CEO Jerry Yang are meeting, in order to hammer out a fair search deal that will benefit them both. I’d even insist that Yahoo’s noisiest board member, activist shareholder Carl Icahn, be there too, to make sure all sides were copacetic and there would be no last-minute switcheroos and backstabbings. Because, long ago in galaxy far, far away, what is now going on between Microsoft and Yahoo would have seemed inane.

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Yahoo–which has stuck to its guns by staying in the search business, even though many think it is a losing game and should be sold off to Microsoft–has lost a key engineer in that arena to–uh-oh–Microsoft.

Sean Suchter, the VP of Search Technology at Yahoo, was also deeply involved in Yahoo’s efforts to open up its search platform, initiatives the company has touted aggressively as a bright spot in its not-so-lustrous landscape.

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And can they ever get along?
At the SIIA Information Summit yesterday, New Yorker writer Ken Auletta, who recently did a piece on Google, noted:
We’re in an engineering culture. You couldn’t put a [Rupert] Murdoch or a [Michael] Eisner in charge of a company like that. It’s been tried. Terry Semel led Yahoo. I just spent [...]

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