Posted September 14, 2007 9:32 am by with 7 comments

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The big news from Yahoo today is they will announce the acquisition of news aggregator BuzzTracker. All Things Digital suggests the deal has been done and that Yahoo has paid $5 million, after passing on more expensive options such as Sphere.

So what does BuzzTracker do? It’s kind of like Techmeme

BuzzTracker creates ?custom content feeds? automatically that aggregate news, blogs, reviews, discussions, video and audio. But to add a level of quality, it handpicks the 90,000 online content sources it uses.

The acquisition demonstrates Yahoo’s continued vision of acquiring eyeballs by buying social media sites. Additionally, All Things Digital suggests Yahoo might be ready to take on Digg…

According to sources at Yahoo, the company has already built a Digg competitor, but has not launched it yet. It is not clear if that effort would be integrated into BuzzTracker or not.

That’s not that far-fetched, especially when you consider Yahoo already has the technology in place.