Working in its favor is the fact that Yahoo! is (yet) profitable, with a considerable amount of cash and some interesting and somewhat appealing assets. However, from an investment perspective I don't see how owning Yahoo! can be perceived as anything other than dead money until it can demonstrate that it can keep a CEO for longer than one year and can execute successfully within that same fiscal calendar.
I will concede that perhaps I might be prematurely discounting the company's ability to survive on its own. However, the fact of the matter is, it has lost the search war with Google and its dominance is not coming back, at least not if Facebook has anything to do with it.
But clearly Yahoo! understands that it cannot just sit idly and expect to grow and it realizes its value lies in finding ways to leverage the volume of traffic it still generates. To that end, it has reached out to CNBC. However, I continue to count down to when another power reaches out and scoops it up. My best bets on that remain Facebook and Microsoft.