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Terry Semel is still Yahoo's chairman, but the company is rapidly erasing his mark on the business — chiefly any push into original content, a business Wall Street views as expensive and unrewarding. He's clearly not interested in carrying on that argument in the Yahoo boardroom. Instead, PaidContent reports, he's reviving his old company, Windsor Digital, the investment vehicle which carried him between Warner Bros. and Yahoo.

Unconfirmed, but sensible, is a rumor that Windsor might switch strategies from merely investing in companies to developing original content. If so, Semel seems to be assembling an appropriate team. Drew Buckley, who headed up Yahoo's original-programming business, and Jeff Karish, former head of strategy for Yahoo's media group, are joining him. Understandable departures, given the shakeup Scott Moore's leading in that group. What I wonder: Will it take long for Jeff Weiner, embattled head of Yahoo's Network division, to rejoin Windsor Digital, which he cofounded with Semel?