I have two views. The most straight forward is the one that makes business sense. Who stands to most benefit from a purchase of Yahoo? That answer, I believe, is AOL. AOL has made the same play as Yahoo in this market of trying to be “different”. Instead of just being search, they are trying to be content. Video content is an especially big play in this case. Yahoo signed Katie Couric to a deal, trying to capitalize on the same buzz she got at CBS for being the first female anchor to solo an evening network news show. AOL spent their money by buying up Huffington Post. Same vertical. AOL buying Yahoo should actually be treated more like a merger. Make it the SiriusXM of Internet content.
My more out of the box view as to who should buy Yahoo comes from the other side of my mind that is a professional wrestling fan. My late teen years were spent watching the Monday Night Wars. In pro wrestling, there was no bigger rival than the (then) WWF vs. WCW. Shortly after I turned 20, WWF purchased WCW. In a show of machismo and dominance, the existence of anything WCW was systematically stomped. So, Google buys Yahoo, and over the next few years they ruin it all. The pièce de résistance would be having Melissa Meyer crawling to Google’s front door (now labeled Alphabet) to beg for her old job back, only to have Larry Page beat her in a best 2-out-of-3 falls cage match to send her packing.