Yahoo has hired a new head of mergers and acquisitions–former General Electric M&A exec Andrew Siegel, who will now be VP of corporate development.

Yahoo CFO Tim Morse dropped the news with no details about that title in an interview with The Wall Street Journal about the Silicon Valley Internet giant’s third-quarter earnings.

One question apparently not answered was what exactly is the status of its current top M&A exec, Greg Mrva–who has had the title Siegel now has posted on his LinkedIn profile–as well as that of VP of mergers and acquisitions more recently.

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Earlier today, Silicon Alley Insider reported that layoffs at AOL, which had been announced in January, were finally taking place.

Actually, said an AOL insider, about 10 percent of the layoffs, or 70 people, have been let go since the announcement. The pace just got ratcheted up today, adding another 300 to the pyre at the troubled Time Warner online division.

But, said several sources, the slashing of staff might go well beyond what has been announced. With the ever-weakening economy, there is still fat to be cut out, especially since Time Warner CEO Jeff Bewkes either has to sell AOL off or make it work a whole lot better.

And working better most likely means more cuts–and a whole lot more of them.

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According the latest meme to sweep the digerati over the last several days, here are the words that should make the brainiac satraps over at Google very, very nervous: “See what’s happening–right now.”

That’s the motto right below the box on Twitter’s search engine–which is essentially a light-blue-colored design rip-off of Google’s “I’m Feeling Lucky” mantra.

Posits the new theory: It’s Google that should perhaps not be feeling so lucky when it comes to Twitter search because it is becoming the place for what is now being called “real-time” search.

But the verdict on whether Twitter can kill the search star is still way, way out.

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Oh, BoomTown could not resist making the obvious literary pun on the debut of Peter Kafka’s new daily blog, MediaMemo, on AllThingsD.com.

I am referencing, of course, Franz Kafka’s famous 1915 novella, “Metamorphosis,” about a man who turns into a bug–except that the transformation is fraught with so much more meaning.

And thus it will be in Peter’s column, as the most excellent writer and reporter plunges into the topic–as he writes in his first explanatory post–of “the ongoing battle between the established media business and the technology that is reshaping it day by day.”

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Silicon Alley Insider’s Henry Blodget sounds an important horn again, namely, outlining in graphically ugly detail why graphical advertising-based businesses online are in big trouble.

In his post, Blodget shows some convincing graphs about past performance trends, including the years after the first bubble burst, from 2000 to 2002, which could augur what is to come for the display business.

And it ain’t pretty.

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Today, BoomTown will be spending the whole day–complete with lunch!–at Yahoo’s Sunnyvale, Calif., HQ to visit various and sundry execs in charge of a wide range of products.

Why? Well, as interested as I am in all of Yahoo’s always messy corporate and stock machinations, it’s just as important to get a handle on exactly what actual products and services the company is working on to get out of its quandary.

Because, while Yahoo is still talking about merging with AOL, it needs to have other options.

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As has been copiously reported here and all over, Yahoo and AOL have been engaged in never-ending talks about a possible deal to merge their flagging Internet businesses.

Now, sources tell me, the circle of executives at both companies interfacing with each other has been widened, for purposes of due diligence.

That includes Yahoo CEO Jerry Yang, who is in New York this week–where AOL parent, Time Warner, is located–to meet once again with its CEO, Jeff Bewkes, to see if they can actually complete the merger.

Now, all this frantic activity does not mean a deal will necessarily be struck.

But it is just this kind of ramped-up blabbery that has many at both companies predicting that a deal will go through, sooner or later, as soon as Time Warner and Yahoo can agree on a price.

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Although we did not raid the offices of Silicon Alley Insider and “steal” Peter Kafka, as the fanciful SAI kingpin Henry Blodget alleges–had it been a raid, BoomTown would have properly hog-tied Blodget so he could not make such spurious allegations!–it is true that SAI’s current managing editor (pictured here) will be coming to work for us at AllThingD.com soon.

He will write a daily still-unnamed new media blog from New York City, starting at the end of October.

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With the sale of paidContent to the Guardian Media Group and the talks TechCrunch has been in with AOL, there certainly is a lot of hubbub around tech blogging sites of late.

One of the more interesting sites that has gone up over the last year has been Silicon Alley Insider, which is headlined by former Internet analyst Henry Blodget (yes, that Henry Blodget).

But perhaps most compelling is that the site is backed by Web 1.0 entrepreneur Kevin Ryan, former CEO of DoubleClick, who has nested SAI inside a networks of new Web efforts at AlleyCorp.

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Earlier today, BoomTown broke the stunning-for-blogs news that ContentNext, owner of the popular online digital media news site paidContent, was being bought by the Guardian Media Group for about $30 million in an earn-out acquisition.

But the deal–which comes after the mid-May sale of Ars Technica to Condé Nast for a reported $25 million–begs the question of which tech blog might be next to be acquired.

And, after much noisy poking around today, BoomTown is giving the nod to one of the sector’s larger and splashier sites: TechCrunch.

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Yahoo leadership, trying to stave off a major clash at its annual meeting on Aug. 1 with activist investor Carl Icahn, is contemplating offering him two board seats to assuage him, said several sources close to the situation.

The problem? Icahn, who has put up his own new slate of directors to replace Yahoo’s entire current board as part of a proxy fight, wants at least four, sources said.

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The lack of announcement by Microsoft this morning, as expected, has Silicon Alley Insider speculating that Microsoft (MSFT) and Yahoo (YHOO) are finally engaged in serious, behind-the-scenes discussions about finally coming to the table and making a deal in the long-running takeover battle.
From Henry Blodget’s blog to Steve Ballmer’s brain…
But it’s not a bad theory, [...]

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Memo to Yahoo from Microsoft: We will begin bombing in 30 minutes!
Whether it is love-bombing or the other kind, it’s still a mystery to BoomTown.
But, according to sources close to Microsoft (MSFT), as early as today, sometime after the market closes, might be when it renders its decision on the next step in its [...]

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So what prompted TechCrunch Editor Michael Arrington to pen a pugnacious piece on how blogs should not be raising so much venture capital and instead roll themselves into a “Dream Team,” with the unusual title of “More Bloggers Raising Money. Here Comes Politics. And Here Comes My Rant” yesterday?
Well, besides garnering Arrington a big dollop [...]

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BoomTown is suffering from Rupert Murdoch déjà vu.

Back in July, I actually wrote a post about the head of News Corp. (owner of Dow Jones and this site) in which the first sentence was: “MySpace and Yahoo should merge.”

I was referencing a very interesting comment that Murdoch made in an interview in June of 2007 with Time’s Eric Pooley.

In it, he floated the idea of trading a 25 percent stake of Yahoo for MySpace.

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