Shares of Yahoo rose today as The Wall Street Journal reported Microsoft has talked to other media companies about teaming up to buy Yahoo's...

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Shares of Yahoo rose today as The Wall Street Journal reported Microsoft has talked to other media companies about teaming up to buy Yahoo’s search business.

The paper reported Microsoft has spoken to News Corp., Time Warner and others about a way to complete the proposed deal, which the software maker has been exploring since withdrawing a $47.5 billion bid to buy Yahoo in its entirety in May.

Microsoft had previously proposed buying Yahoo’s search operations for $1 billion and investing an additional $8 billion for a 16 percent stake in Yahoo’s remaining business.

Sunnyvale, Calif.-based Yahoo rejected that offer, too, and instead forged an advertising partnership with Google, whose rapid growth prompted Microsoft’s bid for Yahoo in the first place.

The Journal suggested that Microsoft would still buy Yahoo’s Internet search business, and the rest of the company would be combined with another outlet, like News Corp.’s MySpace or Time Warner’s AOL.

The talks were described as preliminary and seen by some people as unlikely to result in a deal with Yahoo, the Journal said, citing unidentified sources familiar with the talks.

Yahoo stock closed up 68 cents, or 3.4 percent, at $20.88. The stock is trading at its lowest levels since late January. Microsoft shares were off 99 cents at $25.88.

Calls to both Microsoft and Yahoo were not immediately returned.