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Yahoo has a billion dollars and its burning a hole in the corporate pocket. After failing to convince Facebook to sell for a $1 billion, Yahoo has turned its affections to another popular social network, Bebo.

Bebo is very popular in the UK, so you can see why the press over there is jumping on the rumors.

Yahoo! is rumoured to be weighing a $1 billion (£500m) bid for Bebo, the privately owned social networking site, after shuffling its management team to better place itself for acquisitions….Given Bebo’s strength in Britain, an approach by Yahoo! would be likely to involve Toby Coppel, the Yahoo! executive who previously led the company’s global mergers and acquisitions team and was recently appointed managing director of the group’s operations in Europe.

It’s amazing just how much of a sense of urgency the big three now have. It seems that “slow and steady wins the race” has been thrown out in favor of “he who has the deepest pockets wins.” It really is like watching a feeding frenzy, with Google, Yahoo and Microsoft throwing around more money than a room full of VC’s in the late nineties. Actually, they remind me of this guy…

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