BUSINESS
12/22/2008 05:12 am ET Updated May 25, 2011

Blodget Would Bet His Company On A Yahoo Turnaround

Here's the plan:

* Yahoo will acquire our parent company, Silicon Alley Media, for stock. We already own some YHOO, and we're willing to put more money where our mouth is: Specifically, we're willing to bet our entire company on our YHOO turnaround plan.
* Yahoo will appoint us as acting CEO. No worries: We will not become yet another fat CEO pig at the trough. In fact, we're so excited about this opportunity that we'll do it for Jerry's salary: $1 a year (okay, maybe we could add some zeroes, to preserve our marriage. But not six. Or, god forbid, eight). We also have no ambition to hold this post indefinitely. Several folks in the business world are more qualified to run a global Fortune 500 company than we are, and when the time is right, we will gladly hand the reins to one of them. Unlike many incoming Yahoo CEO candidates, however, we know what Yahoo needs right now, and there's no sense wasting time CEO-hunting when we can start the process today.
* We will immediately resize the company, cutting approximately one-quarter to one-third of the cost base. Even now, with its bloated cost structure, Yahoo is still making money. Our cuts will ensure that Yahoo is positioned to survive a major online ad downturn and still have plenty of cash flow to reinvest in the business. One big reduction instead of several small ones will also ensure that Yahoo doesn't go down the road it is heading down now, which is the demoralizing death by a thousand cuts.

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