Valleywag posted the whole memo from Terry Semel.
An annotated excerpt:
We see a huge opportunity to leverage our size and scale,
industry-leading sales team, and audience insights to become the premier
advertising network, whether we are selling ads on or off Yahoo!-owned
achieve this goal because of our unmatched breadth of both customers and
Clearing the fog by reorganizing into three groups. Where have I heard that before?