Yahoo's Board of Directors fired the company's CEO, Carol Bartz, late on Tuesday, sparking speculation that the company could soon be bought.
The move had analysts and bloggers buzzing over the future of the Internet company, which attracts large amounts to Web traffic to some of its sites, but has struggled to fully establish an identity.
"For Yahoo, it looks the beginning of the end," wrote Forbes's Eric Savitz. He noted that Bartz is the latest in a string of unsuccessful CEOs at Yahoo. "I suspect there will be increasing concern on (Wall) Street that Yahoo is simply not governable in its current state."
After the news, Yahoo's stock jumped 6 percent, according to the Wall Street Journal.
Stifel Nicolaus analyst Jordan Rohan concluded that "after all of the drama of the Bartz administration,we think the Yahoo! board of directors may be more receptive to a deal now than it has been in the past."
And at Ars Technica, Anders Bylund speculates that the shake-up open another chance for Microsoft to make a bid for Yahoo.
Bartz's departure was first reported by All Things D, which noted that the executive was fired over the phone.
Yahoo CFO Tim Morse has been named interim CEO.