The WSJ is reporting that US Social Networking site Facebook is in serious talks to sell itself to Yahoo, for an amount that may be as high as $1 billion. According to the WSJ, this is a return to the acquisition talks which Facebook has held over the past year with Yahoo - as well as Microsoft and Viacom.
If this deal goes through (and strange it should follow this week's news of Yahoo's online advertising woes and subsequent stock price drop), then most likely it will top News Corp's acquisition of MySpace last year for 650 M. And it'll be more proof that social networking sites are seen as prime online advertising fodder for new media and technology companies. Note that last month Viacom was rumored to be after UK SNS sensation Bebo.
The WSJ article is behind a paywall, but will update link when I have it. Thanks Honor Gunday for the tip.