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Jack Park on 31 Dec 08The recent announcement by Microsoft of a bid to acquire Yahoo! in a hostile takeover provides stark evidence of the continuing complexity of the intersection of computing and media businesses battling for dominance in the global market. Just as in the case of Time-Warner and AOL (Klein, 2003), the proposed Microsoft-Yahoo! deal is about convergence. The big difference, however, is the new context of threats and opportunities which have led to Redmond's latest effort to deploy its legendary financial muscle in pursuit of corporate goals of market domination. This difference emerges from changing conditions of networked media-computing which are in part associated with the rise of Web 2.0 and which provide an essential clue to understanding why Web 2.0 occupies such an important position in contemporary thinking about the Internet. As I will explain in this paper, Web 2.0 can itself be understood fully only by locating its emergence and significance within the broad movement of convergence of old and new media forms.