I hope neither Caterina nor Stewart punch me in the mouth for reporting this: Yahoo actually does acquire Flickr:
Nicely written FAQ there. Example:
Are you going to become Yahoo Photos?
No. Yahoo Photos will get a lot of Flickr features, and there are alot of other areas around Yahoo that will also be Flickrized where Flickrization would be good. Yahoo Photos and Flickr have different kinds of users with different needs, and will remain separate for the foreseeable future. Flickr would also suffer from a sudden deluge of LOL!!!!!!!!!!!!!!! omg! so we’re going to grow it carefully.
Update: Jeremy Zawodny articulates the Yahoo perspective on this acquisition.