Yahoo!'s deal downunder

Yahoo! is partnering with Seven in Australia and New Zealand. The new name (Yahoo! 7, or so it seems) of the 50/50 company is to be unveiled late January, at the Australian Open.
Yahoo! is the #2 portal, Seven is the #1 network, Pacific Magazines is #2, and then there is the 33% interest in m.Net (mobile solutions enabler).

Some observations:

• The deal is different from strategies in Japan (minority interest in Yahoo! BB) and the US, Canada and Britain (teaming with local telcos and cable operators in BB).
• The deal reminds of the ill-fated AOL/Time Warner deal. Will the companies succeed in actually working together, as even Steve Case proposes splitting-up Time Warner? Also, cultures could be very different, as is shown at Yahoo! in the US, where Lloyd Braun heads a completely different media unit.
• Will this lead to another wireless VoIP product?

Whichever way, an interesting test-bed!