Today's news became a foregone conclusion when Legg Mason portfolio manager Bill Miller announced he would side with Yahoo against Icahn last week. Some were even expecting today's result as soon as Yahoo rejected Microsoft and Icahn's joint offer a earlier this month. That offer — which if accepted would have sold Yahoo's search to Microsoft and given the rest of the company to Icahn — was Icahn's fatal overreach.

Still, it's disappointing. Not because any of us hoped Icahn would walk away with control of Yahoo's board. But after six months of this saga, we all deserved a riotous, raucous Yahoo shareholders meeting. Maybe we'll still get one — but we'll miss Icahn's technological malaprops. (Illustration by Jackson West/Photo by AP/Lennihan)

We believe the current Board acted with care and diligence when evaluating Microsoft's offers. If Microsoft wants to acquire Yahoo, it can make the terms and conditions of its offer public. If Yahoo shareholders support it, I am confident the Board of Yahoo will accept it."

Miller's decision effectively reduces Icahn's chances of winning his proxy fight to almost zero. Which is really a shame, in a way, because after months of mealymouthed he-said, she-said, Yang only this week finally strapped on his shitkickers and had some developers do what Yahoo does best: create a website to campaign for his cause. The site's banner — a quote from Icahn that reads: "It’s hard to understand these technology companies" — mocks Icahn in a way we're used to from the Daily Show. Or maybe the Swift Boat Veterans.

Jackson told the AP he plans to introduce an alternative slate of directors and turn the July 3 meeting "into 'Independence Day' for Yahoo's shareholders."

It's hard to believe the board could let this happen. I think they completely misconstrued the situation and thought, 'Microsoft is rich, so let's soak them.' They were bluffing all the way and got caught.

Miller told the Wall Street Journal Microsoft's current bid is already "something I'm too excited about" and that "telling the shareholders you're going to take something away from them is not a way to get their support." Miller said he'd rather own stock in an independent Yahoo than sell his shares to Microsoft at a price below its original offer. But Miller, unlike Yang, isn't vying for an independent Yahoo, people. He made it clear he's looking for a better deal. "If Microsoft raises the offer, the pressure shifts very quickly to Yahoo to negotiate," he told the WSJ. "To me, bumping the number up a buck [from $31 a share], that would have a big impact psychologically on shareholders."

An obvious guess: Bill Miller, Legg Mason's chief investment officer, is a famed tech investor, most noted for making an early bet on Amazon.com. But as a stock pick, IAC, has been a stinker, dropping 38 percent over the past year. And Legg Mason is one of only two institutional investors who could have easily parted with 20 million shares. (Lord Abbett, another mutual-fund company, is the only other.)

Miller has been unwinding his stake since March, so a sale would not be surprising. But it's a blow to Diller nonetheless. The media mogul has sought to boost his company's shares by splitting it into five more focused parts, targeting specific sectors of e-commerce. Shareholders would then choose which ones they want to invest in. Whoever sold that large stake to Liberty, whether Miller or anyone else, has signalled an obvious choice: none of the above.