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With wireless subscriber growth basically flatlining and landline usage falling off the map, the major U.S. telecoms have had to look elsewhere for growth. For AT&T (T ), that meant diving head first into providing bundled cable services via a buyout of DIRECTV. For Verizon (VZ ), that meant completely changing its business model.

VZ went hard after various web properties to become a digital advertising giant. The combination of the web properties with Verizon’s own huge subscriber network meant plenty of opportunities for cross-selling. Its new model meant potential for huge profits, revenues and cash generation over the longer term, as mobile internet really gets cooking.

There was just one problem – Yahoo! (YHOO ) couldn’t build a firewall to save its life.

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