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Newspaper wrap-up: Yahoo!'s talks with Time Warner intensify

MAJOR PAPERS:

According to people familiar with the matter, Yahoo! Inc (NASDAQ: YHOO) has stepped up talks with Time Warner Inc (NYSE: TWX) to possibly create an alternative to the unsolicited bid Microsoft Corporation (NASDAQ: MSFT) made for Yahoo!, the Wall Street Journal reported. Though a Microsoft acquisition of Yahoo! is considered the "most likely outcome," Yahoo! and Time Warner have been in talks to incorporate the AOL Internet unit into Yahoo!
The Financial Times reported that the European Commission is probing the process under which an important Microsoft document format could be adopted as an industry standard, according to The Financial Times. This move would carry substantial commercial benefits for the company.
The Financial Times also reported that Amazon.com Inc (NASDAQ: AMZN) will start selling wine in the U.S. in an effort to enlarge its expanding non-perishable groceries business.

WEB SITES:

According to the chairman of parent group CITIC Group, Kong Dan, Reuters reported that CITIC Securities is in talks to acquire a larger stake in The Bear Stearns Companies (NYSE: BSC) in order to reflect the drop in shares of the broker.