The combination, which would join Yahoo, Microsoft's MSN and News Corp.'s MySpace, would create a behemoth that would upend the Internet landscape.

Yahoo Inc.'s board of directors plans to reject Microsoft Corp.'s unsolicited $44.6 billion acquisition offer, according to weekend media reports. The decision, reported Saturday by The Wall Street Journal, came after a series of meetings over the past week, during which Yahoo's board decided the $31-a-share offer "massively undervalues" the Web behemoth. The Journal cited an unnamed person ...