MediaFile

The following is a timeline of key events leading up to Yahoo’s Aug. 1 annual meeting.

2006 January – Yahoo Inc begins to report a string of weak quarterly results, reflecting competitive missteps by the company, market share gains by rival Google Inc, changes in the online advertising landscape and weakening spending in some ad segments.

2006 – Microsoft Corp and Yahoo begin preliminary talks on various partnerships, including a merger.

2007 February – Yahoo, under the leadership of previous Chief Executive Terry Semel, tells Microsoft it is not the right time to discuss a takeover, as the Yahoo board sees great potential in its new advertising technology and by making internal organizational changes.

2007 June 12 – A strong minority of Yahoo shareholders challenges the company’s direction, as CEO Semel comes under fire. Nearly a third of votes cast at the company’s annual shareholders’ meeting oppose some of Yahoo’s directors.

Talk about passing the buck.

During a panel discussion on media and entertainment at the Milken Institute Global Conference on Wednesday, former Yahoo! CEO Terry Semel swiftly deflected questions about the Internet company’s current pickle with Microsoft to his fellow panelist and Yahoo! board member Activision CEO Bobby Kotick.

Asked by moderator Dennis Kneale of CNBC how Yahoo had gotten itself in the position of being courted by Microsoft, Semel pointed to Kotick, who was sitting next to him.

“Ask the board member,” he said.

But Kotick wouldn’t bite. In fact, he said nothing at all.

Later on, Kneale tried again, asking another panelist, News Corp. President Peter Chernin, to tell Semel and Kotick what Yahoo! should do in response to Microsoft’s $44 billion bid.