Acquiring a Web 2.0 company before it is even founded? Yes, you are not alone here. I too, think that Yahoo has lost their collectives minds, too.

Yahoo! Inc. (Nasdaq:YAHOO), a leading global Internet company, today announced the acquisition of an unnamed Web 2.0 company three days before it was to be founded. “Yahoo! is committed to generating mass quantities of free public relations by acquiring more pre-revenue, pre-business plan companies than any other global Internet company,” said Chris P. Bacon, Director of Hype Production.

“We’ve been acquiring companies earlier and earlier - before VC funding, before revenue, and in some cases before the completion of their products,” explained Hugh Jorgan, newly-appointed Vice President of Pre-Business Development. “By buying companies before they’re founded, we move directly to the natural conclusion of the trend.” [Read the rest]