In an email exchange with Mike Silver, who is executive director of the Yahoo Newspaper Consortium, he rejected the notion that the company is giving with one hand and taking with the other. Silver, it should be noted, represents the newspaper members and does not work for Yahoo. He said that view “seems to describe a world in which local advertisers wouldn’t have heard of online if their trusty ‘ole newspaper rep hadn’t mentioned it to them. Our members know that local advertisers will inevitably spend more money online—and we want to be there with them as they do.” Silver’s point is that members come out ahead because the package of targeted ads is inherently additive, as advertisers’ spending becomes more fragmented.

Some newspapers have joined the consortium on the theory that they need the revenues, and the consortium is helping them keep their heads above water. Still, the perception that Yahoo is a “frenemy” could create friction in the alliance.