Greater demand for online advertising space will help media owners expand their offerings and improve revenue yields from their properties.

The U.S. online advertising market is much bigger than Europe's but it is a crowded market and the room for growth is shrinking. In Europe, online advertising is growing much faster and portals like Yahoo want to tap into that.

We're seeing this growing. The strongest part of their influence is on the media: if something online suddenly becomes a story in the local press, then it matters.

Internet advertising will not replace traditional media, it will compliment them.

These changes will threaten established practices and entrenched interests in the media and advertising sectors, but consumers will benefit and ultimately, companies that can ride this wave will benefit as well. No one really knows what the media landscape will look like ten years out.

We will ensure that our advertising clearly sets out the relevant terms of the financing options.