Yahoo! Completes Broadcast.com Acquisition

Companies to Integrate Rich Multimedia Content, Advertising and Business Services

SANTA CLARA, Calif. -- July 20, 1999 --Yahoo! Inc.(Nasdaq: YHOO) today announced it has completed its acquisitionof broadcast.com inc., the Web's leading aggregator and broadcasterof streaming audio and video programming. The combination ofYahoo! and broadcast.com expands the unique, rich audio and videocontent available throughout Yahoo!'s global network serving80 million unique users per month. The acquisition also providesadditional distribution for content and services partners andexpands the business services and Fusion Marketing Online™(FMO) programs available to Yahoo! advertisers and businesses.Yahoo! plans to integrate broadcast.com content and servicesduring the third quarter of 1999.

"We successfully completed the broadcast.com acquisitionahead of schedule and are moving swiftly to integrate the company'saudio and video programming, business services, and advertisingprograms into Yahoo!," said Jeff Mallett, Yahoo!'s presidentand chief operating officer. "This acquisition is a naturalfit for both companies as well as our customers. As a result,we plan to deliver an even richer Web experience to our usersworldwide as well as expanded business services, marketing, anddistribution opportunities for our respective clients."

Integrated Multimedia Programming
Broadcast.com is the leading aggregator and broadcaster of streamingmedia programming on the Web with the network infrastructureand expertise to deliver or "stream" hundreds of liveand on-demand audio and video programs over the Internet andintranets. The broadcast.com site will remain the central aggregationsite where users can access a vast array of audio and video programmingon the Web. In addition, broadcast.com inc., now Yahoo! BroadcastServices, will integrate rich audio and video programming intopopular vertical areas in Yahoo!'s global network, includingYahoo! News, Yahoo! Finance, Yahoo! Sports, Yahoo! Auctions,Yahoo! Shopping, and Yahoo! Music. Yahoo! Broadcast Servicesfeatures programming from 420 radio stations and networks, 56television stations and cable networks, and game broadcasts andother programming for more than 450 college and professionalsports teams. Additionally, the service delivers a comprehensiveselection of programming including business events, full-lengthCDs, and full-length audio books. This content is availableto Web users through the scalable, digital distribution networkbroadcast.com has built, which delivers high-speed, high-qualityaudio and video through virtually any delivery mechanism or accessdevice.

Advanced Multimedia Advertising
The combination of Yahoo! and broadcast.com accelerates the abilityof advertisers and merchants to promote their businesses andproducts through rich, scalable, multi-dimensional audio andvideo advertising and programming. The integration of Yahoo!Broadcast Services further expands Yahoo!'s FMO integrated marketingstrategy for clients worldwide. FMO is designed to leverageYahoo!'s significant worldwide audience, traffic, and databaseto provide customized and measurable marketing solutions. FMOcombines a full range of marketing options from targeted advertising,promotions and direct marketing to enable businesses to conductonline commerce, provide merchandising services, and supportloyalty programs. Through the acquisition, Yahoo! is addingmultimedia advertising, custom broadcasting, audio and videohosting, and production and programming of live events to itsextensive suite of FMO marketing services.

"With Yahoo! Broadcast Services, our advertisers andmerchants can integrate audio and video elements to create newinteractive multimedia advertising programs for our extensiveglobal audience," said Anil Singh, Yahoo!'s senior vicepresident of sales. Clients such as Dell, Ford, IBM, Microsoft,and Volvo already use Yahoo! and broadcast.com business and marketingservices.

Yahoo! Broadcast Services Organization
Broadcast.com, now Yahoo! Broadcast Services, will continueto be located in Dallas, Texas, where it will operate as a businessunit of Yahoo! Inc. Mark Cuban, chairman and president, andTodd Wagner, CEO of broadcast.com have been named vice presidentsof Yahoo!. They will continue to have day-to-day operating andmanagement responsibility for Yahoo! Broadcast Services, andwill provide technical, operational and strategic direction toprovide streaming content and services to the global Yahoo! networkand business services clients. Yahoo! Broadcast Services' businessservices sales group and media sales force will be integratedinto Yahoo!'s sales organization. The broadcast.com Web sitewill be integrated into Yahoo!'s network production group. Yahoo!plans to continue expanding Yahoo! Broadcast Services, whichcurrently has 335 employees.

Expanded Business Services
Yahoo! Broadcast Services is the latest component of thecomprehensive suite of business services Yahoo! offers to enablecompanies to conduct business online and reach large audiences.Broadcast.com is a leading provider of turnkey corporate communicationssolutions on the Web, including product launches, seminars, keynoteaddresses, distance learning, annual shareholder meetings, quarterlyearnings calls, and investor roadshows. The combination of Yahoo!and broadcast.com provides a broader range of targeted distributionservices throughout the Yahoo! and broadcast.com networks, buildingon business services Yahoo! has previously announced includingintegrated external and internal content solutions for corporateclients, intranet communication and information services, siteand store creation and hosting services, and small business toolsand information. Yahoo! also offers PC and device manufacturersa comprehensive solution that results in easier consumer accessto content services on the Web. In addition, Yahoo! has theability to enable businesses to deliver content and servicesto a wide array of non-PC and wireless devices.

The broadcast.com acquisition is being accounted for as apooling of interests. Yahoo! will exchange approximately 28,645,000shares of Yahoo! common stock for approximately 37,096,000 sharesof broadcast.com common stock. Additionally, Yahoo! will convertapproximately 6,633,000 broadcast.com stock options into approximately5,122,000 Yahoo! stock options. Yahoo! expects to record a one-timecharge of approximately $22 million in the third fiscal quarterof 1999 relating to the broadcast.com acquisition

About Yahoo!
Yahoo! Inc. (Nasdaq: YHOO) is a global Internet media companythat offers a branded network of comprehensive information, communicationand shopping services to 80 million users worldwide. As the firstonline navigational guide to the Web, www.yahoo.comis the leading guide in terms of traffic, advertising, householdand business user reach, and is one of the most recognized brandsassociated with the Internet. The company's global Web networkincludes 19 World properties. Yahoo! has offices in Europe, theAsia Pacific, South America, Canada and the United States, andis headquartered in Santa Clara, Calif.

This announcement contains forward-looking statements thatinvolve risks and uncertainties including the ability to successfullyintegrate the two companies, and to realize the synergies andother perceived advantages resulting from this acquisition, includingthose relating to Yahoo!'s ability to grow its user and advertiserbases, dependence on third-party content providers, availabilityof streaming media technology, the ability to scale broadcast.com'soperations, and to achieve expectations for anticipated financialresults based on the combined entity. More information aboutpotential factors that could affect Yahoo!'s ability to makethis acquisition successful and continue to grow the businessis included in the company's Annual Report on Form 10-K for theyear ended Dec. 31, 1998, as amended, the company's QuarterlyReport on Form 10-Q for the period ended March 31, 1999, andthe company's Current Report on Form 8-K/A and the company'sRegistration Statement on Form S-4 filed June 8, 1999, including(without limitation) under the captions, "Management's Discussionand Analysis of Financial Condition and Results of Operations,""Risk Factors," "Competition," and "ProprietaryRights," which are on file with the Securities and ExchangeCommission (http://www.sec.gov).

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