I like you, but I have to get rid of you

Yahoo’s chief executive, Jerry Yang, center, at the Allen & Company conference in Idaho, where he talked with Google’s co-founders, Larry Page, left, and Sergey Brin.

Yahoo — and Mr. Yang’s fate — were Topic A at the annual billionaires’ summer camp, as rival moguls gossiped about whether Yahoo would end up in the hands of Microsoft. While Mr. Yang casually smoked a cigar Thursday evening outside of the bar with Richard Parsons, the chairman of Time Warner — who himself battled with Mr. Icahn two years ago — the debate was raging at virtually every table.

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