Guardian column: Whither Yahoo?

My Guardian column this week looks at Yahoo as it figures out its next strategy (nonregistration copy here). It’s mostly an edited (which is to say, written) version of this post and this one. Snippet:

The odds of this happening are about 0.1%. As the peanut-butter manifesto made clear, Yahoo! is too large and lumbering – and, at a mere 14 years, already too old – to move decisively. These days, it doesn’t take long to become an old-media company.