"Yahoo would get massive page views and traffic, and could serve display ads, " he said. "This would add to Yahoo's existing CPM/display leadership."
The News Corp talks are the latest in a series of negotiations Yahoo has apparently undertaken in an effort to fend off Microsoft.
Microsoft first made its proposal on 1 February, offering a $44bn stock and cash package. Dips in Microsoft's stock price have since dropped the value of the package to $42bn.
Industry analysts said that, despite Yahoo's best efforts, an acquisition deal with Microsoft is all but assured at this point.
"A Microsoft acquisition is still the highest probability, although [the News Corp deal] represents a potential alternative," said Sterling.
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