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So far there's no sign of how Yahoo (YHOO) might react to Microsoft's (MSFT) unsolicited $44.6 billion takeover bid. But can the struggling Internet giant really afford to say no ...

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The Web company says Microsoft's $44.6 billion bid "substantially undervalues" Yahoo, while Microsoft says Yahoo's rejection is "unfortunate."

The head of Yahoo's Media Group said the group would shift focus from original shows to content from other media companies and users.

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Yahoo said its efforts to revive takeover talks with Microsoft have reached a dead end, and the Internet pioneer is entering a partnership with rival Google.

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