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Yahoo launching a celebrity gossip of the site, hoping to cash in on the summer of Paris Hilton. This as shareholders seem to have no problem with CEO Terry Semel cashing in on Yahoo’s flat stock performance. CNBC, Silicon Valley of your trip, Jim Goldman is live at Yahoo’s annual meeting in Santa Clara, California tonight. Jim?

Hey, you know, Melissa, a little bit of a surprise today. Just, you know the length of this meeting was the first surprise. Better than two and a half hours, took a lot of people off guard. The other surprise was the reelection of the board/ of directors. Not that they were reelected, which include/ CEO and Chairman Terry Semel, but the margin of victory, 66%, indicating better than 33% of shareholders were following the advice of the independent watchdog group’s institutional shareholder services as well as proxy governors, to vote against these, these laid-off directors, and that was, that was a significant surprise, a real significant protest vote if you will, against this current’s laid, mostly because of the heavy salary that Terry Semel with stock options has enjoyed hundreds of millions of dollars over the past couple of years. When in fact the stock has gone essentially nowhere. So really some interesting developments on that front.

And then the other thing of course is the ongoing controversy of Yahoo doing business in China. The company shared search results and documentation with the Chinese government, and that led to a ten-year prison term for a Chinese journalist. So there are a lot of controversial comments about that. But J himself addressed that saying / it was time for the company really came out against those kinds of policies in China. But in the end, the company’s hands were tied. In order to do business in China, they got to follow Chinese Laws, so an interesting day, but essentially Terry Semel, he got a pass today, as far as the shareholders were concerned.

Oh I get it. I gotta to say that’s pretty surprising because so many people have been calling for him to get out. I mean, what was the buzz. What was the buy like? Is there a really, you know, this demand for change or is that a kind of media-driven.

You know, I don’t necessarily think it’s media-driven. I think there is that buzz. A lot of people we spoke to are frustrated with the company’s performance, but interestingly, Terry Semel somewhat kept guiding the meeting towards next month’s Yahoo earning’s report, that’s the first opportunity we will have to see just how significant Panama, the new monitorization software has become as far as contributing to the bottom line. There’s a lot of talk because Semel kept doing that in the meeting today that maybe Panama is actually performing a whole lot better than anyone had anticipated it. That could make for a very interesting, shall we say, newsy development when the company comes out with the earnings the second week of July. This could be a story that might actually be on the way of being improved in a significant way.

Interesting, what a tease! OK, Jim, I know you are staying on that of course. We appreciate…