07/29/2008 05:12 am ET | Updated May 25, 2011

Yahoo Gains Support Of Major Shareholder In Proxy Fight

With its annual meeting looming in just two weeks, Yahoo is ratcheting up its defense against Carl Icahn's proxy fight with an energy critics wish they'd seen for the past few years of Yahoo's gradual decline. The fight for control of Yahoo always looked like a close call amid all the shareholder anger directed at Yahoo's board and cofounder and CEO Jerry Yang as they rejected one Microsoft overture after another. But as I wrote last week, momentum has turned Yahoo's way. Now, amazingly, it looks like Yahoo could actually win this thing.

Today, Yahoo got at least one high-profile backer, one who may be enough to turn the tide: Bill Miller, chairman and chief investment officer of Legg Mason Capital Management, Yahoo's second-largest shareholder. Miller released a statement today in support of Yahoo's current board.

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Read what Silicon Alley Insider's Henry Blodget has to say about Yahoo's use of ad space in the fight in his post "Yahoo Management: We're So Scared We're Going To Get Fired That We're Using Our Best Ad Inventory To Fight Carl Icahn"