When I was working as an in-house legal counsel at Yahoo! France (circa 2009), most of the revenues in Europe were from the advertising network activities. They

When I was working as an in-house legal counsel at Yahoo! France (circa 2009), most of the revenues in Europe were from the advertising network activities. They had the biggest media brands in their inventory at that time. They also insisted that they were mainly an ad network, not a search engine nor a news portal. This was really unexpected when I joined.