Social networking start-up Facebook is apparently in talks with Yahoo!, Microsoft and Viacom to sell-out for big cash reports the WSJ (Subscription).

Facebook was in the news recently because of its users rioting against a new feature. What will the Facebook users do when Yahoo! owns them?
mySpace survived the buy-out by Murdoch, and I guess so will Facebook.

Facebook's founder is 22 year old Mark Zuckerberg. As the WSJ article reveals he likes to sleep in and work late.
Apparently Yahoo! already made an offer valued at $1 billion for Facebook. It is still open if Facebook is really selling. It has venture capital backing. VCs want to see a return on investment. I am not sure if they actually think Facebook would be successful in going public.
Lots of more details in this long WSJ story.
See also the facebook site.