Breaking News Hub

Yes Yahoo was on the verge of buying today's biggest social networking site Facebook in 2006. In 2006, the media was abuzz with two-year-old Facebook being in serious talks to sell itself to Internet media company Yahoo for an amount that could approach $1 billion.

Yahoo $1 billion cash offer for Facebook is reportedly twice the amount that Rupert Murdoch had spent for MySpace in 2005. Both are said to have verbally agreed to enter the deal.

However, according to media reports Facebook founder Mark Zuckerberg and the board decided to turn down the offer in lieu of building out the company.

In their estimates, Facebook was likely worth closer to $8 billion.