AOL (TWX) Bidding War Between Microsoft (MSFT) and Yahoo (YHOO)?

|

jeffbewkes.jpgOne thing's for certain: The collapse of the Yahoo-Microsoft (YHOO / MSFT) deal could be the best thing to happen to Time Warner's Jeff Bewkes for a good long time.

Yahoo reportedly has a deal teed up to buy AOL for about $10 billion. We suspect that the newly dumped Microsoft may have something to say about that.

AOL wouldn't give Microsoft what Yahoo would have, but it would help the company strengthen its web-based communication busines (AIM, AOL Mail, etc.) Mapquest could be a nice fit with Microsoft's mapping products. Advertising.com, Tacoda, et al, (Platform A) would give Microsoft a major jumpstart in the third-party display business. And AOL's 6% search query share would at least bring Microsoft solidly above 10% of the search market.

Microsoft could easily outbid Yahoo for AOL--and, for obvious reasons, might be in the mood to. As long as it doesn't pay too much for the wreckage of its once-dominant web competitor (and then integrates it successfully), the deal would likely make sense.

See Also: Microsoft Walking



< Prev. Story
Next Story >

59 Comments

Gordon said:
this would be beautiful. please yahoo, buy AOL!

Roy Howard (URL) said:

I've been thinking Microsoft might make a play for either AOL or Interactive's Ask.com. But these seem like poor substitutes for Yahoo.




Gordon said:
as a twx shareholder, i'd like to see a 3-way bidding war for AOL between GOOG, YHOO, and MSFT. and i don't care who wins it as longs as it's not MSFT, and it's the highest price.

Gordon said:
"Whoever picks first and whoever pays the most." - JaMarcus Russell, LSU Quarterback (When asked what his NFL draft preference was)

Steven Finch (URL) said:
Im still not sure about all this talk about AOL. I really cant see it happening. Plus there are still a lot of issues relating to integration. Both companies have similar assets.

Mike B said:
If YHOO bought AOL that would be a hilarious double-whammy for YHOO shareholders. Way to manage Yang.

esb said:
ms should let yahoo buy aol. does anyone doubt that combo (yahoo/aol) would be available for sale twelve months later at a 60% discount?

tech watcher said:
I agree with finch- same assets but also same problems concernging ad revenues and growth... The AOL brand is dirt, and its staff morale is low. If this it true smithers and burns will have succeeded for twx at the expense of many aol employees.

jenkins said:
this is sound analysis

Dalai Lama is better than Jerry Yang said:
I just admire Steve Ballmer now. He clearly has the best and brightest mind among the two. His advisors are stellar and his decision to walk away is nothing short of brilliant.

Infact, this decision by MSFT will make Ballmer famous and Yang constipated for the rest of his management career.

To summarize,It was a great tactical move by Mr.Ballmer. By walking away from the deal now, he basically has put immense pressue into the arrogant shoulders of Jerry. All the while, I have been very confident Jerry would not sell the company even if Ballmers original offer was 37. For Jerry, his EGO trumps everything else. He is a typical Chinese Manager. Never lets anything go and never accept defeat even if it means your masses will have a better life and outcome(in this case shareholders and employees)

This will go down as a the most horrendous management mistake to be talked in the dorms of every management school and will become a case study-o-mania.

Ballmer can now relax and watch the following:

1)Jerry has to destroy his search team and outsource to GOOG

2)Jerry has 2 years max to get the share price to 37$ from its dismal 20$/share starting this monday.

3) Jerry has to fight lawsuits from angry investors.

4) Jerry has to cut costs and improve EPS,improve morale and at the same time deal with growth issues like competing with upper coming disruptive stuff like cloud computing which is around the corner. AOL deal will be clumsy and will never achieve synergy. It will drag stock down to low 10s.

5)Jerry has to do all the above under bad macro economic situation at a real bad time.


Steve Ballmer is my GURU now. I am going to quit my goddamn job and apply in Microsoft. He is my Obama of Technology Management.

I want to work for Microsoft after all these years.

By the way Henry, you are awesome.



Insider said:
Perhaps if Yahoo bought AOL Yang can give Falco and Grant and Clarizio the fast boot and install managers who know what in the hell they are doing.

jay said:
...........AOL, the internet arm of Time Warner, has approached Microsoft about a possible tie-up as a deal between the software group and Yahoo! unravelled, The Times has learnt.

The move emerged as Microsoft this weekend said it was walking away from Yahoo!, after the online search engine rejected a second, higher offer from the software group valuing Yahoo! at $47.5 billion (£24 billion).ps yahoo is trading at 21 adx otc asian at 10 30 vol 20 mil so far

Insider said:
one other thing - curt sucked.

MakeItHappen said:
@Insider

I know you.

MakeItHappen said:
@Insider

I know you.

MakeItHappen said:
know thyself

Technical Yahoo III said:
I really hope Jerry decides to buy AOL. This would be the icing on the cake of his management debacle. His legacy as one of the worst CEOs ever in the history of Silicon Valley will be cemented.

Ross J B said:
"Microsoft could easily outbid Yahoo for AOL--and, for obvious reasons, might be in the mood to. As long as it doesn't pay too much for the wreckage of its once-dominant web competitor (and then integrates it successfully), the deal would likely make sense."

If MSN were to do so, (and bought into Looksmart at the same time), it would quickly become the Global leader in the growing Advertiser and Publisher "alternative" to Google's Adsense, in many ways.

Looksmart's OPEN Exchange is "unique" in that it can still remain as an independent & accountable entity, "interconnecting" both MSN's and AOL's many existing Ad/Pub involvements, by having Looksmart's AdCenter platform installed as the common "interface".

Both Yahoo and Google (RME and Ads Manager) will be almost bound to provide access for their own Ads/Pubs, (Globally), in what may then provide a "full-on" tussle that could very well prove my point.

Yahoo!(as has been pointed out on another thread)see Q2 revs of $1.73 bln - $1.93 bln. (This does represent a projected rise of $0.38 bln - $0.58 bln or, 28.15% - 42.96% Q/Q)

In the Yahoo CC Sue (Decker) advised, of:

"Significant growth in "class 2" remnant CPMs, impressions (Yahoo and it's Right Media Exchange"

It's hard not to see similar growth coming from a "joint" offering (to the 'market-place'), and with a Looksmart 'involvement' providing that (more) "real" Global alternative to the existing MSN/AOL 'own' (current) advertiser relationships.

Cheers!



D.S.L. (URL) said:
A CNET Staff writer back in 2005 covered the Google acquisition of AOL shares. Besides Time Warner, wasn't Google the only other shareholder who was guaranteed stakes in any future of AOL?


LF said:
Gordon, I've seen a few of your comments around. You are very clearly someone who's bought TWX shares and hope that TWX selling AOL will increase the stock price.

You'd better sell fast when they do. What does a global media company without an Internet branch these days? Not much, right? I hope Bewkes is not this shortsighted.

Ross J B said:
"Microsoft could easily outbid Yahoo for AOL--and, for obvious reasons, might be in the mood to. As long as it doesn't pay too much for the wreckage of its once-dominant web competitor (and then integrates it successfully), the deal would likely make sense."

If MSN were to do so, (and bought into Looksmart at the same time), it would quickly become the Global leader in the growing Advertiser and Publisher "alternative" to Google's Adsense, in many ways.

Looksmart's OPEN Exchange is "unique" in that it can still remain as an independent & accountable entity, "interconnecting" both MSN's and AOL's many existing Ad/Pub involvements, by having Looksmart's AdCenter platform installed as the common "interface".

Both Yahoo and Google (RME and Ads Manager) will be almost bound to provide access for their own Ads/Pubs, (Globally), in what may then provide a "full-on" tussle that could very well prove my point.

Yahoo!(as has been pointed out on another thread)see Q2 revs of $1.73 bln - $1.93 bln. (This does represent a projected rise of $0.38 bln - $0.58 bln or, 28.15% - 42.96% Q/Q)

In the Yahoo CC Sue (Decker) advised, of:

"Significant growth in "class 2" remnant CPMs, impressions (Yahoo and it's Right Media Exchange"

It's hard not to see similar growth coming from a "joint" offering (to the 'market-place'), and with a Looksmart 'involvement' providing that (more) "real" Global alternative to the existing MSN/AOL 'own' (current) advertiser relationships.

Cheers!



Gordon said:
LF - twx has a great base of internet properties besides AOL - think of cnn.com, money.com, fortune.com, etc. they don't need AOL.

Larry said:
The funny thing is AOL is totally stifled under TWX management. I think a Yahoo-AOL merger could actually work and be very successful. AOL mid-management and underlings, is just begging for some leadership and direction. Just jettison Falco and Grant and AOL might stand a chance!

Jeff B said:
Dear Steve/Jerry/Occupant,

Hey, don't forget us, we are the no ad-rev growth, declining dial-up sub, unprofitable publishing business that's a great fit for you. We bring the comfort of 100% customer overlap to your US sub base, so you don't have to worry about that nuisance of handling new customers. All this and more for $10B, plus shipping and handling.

Operators are on duty to take your calls 7x24, and we'll throw in a Sports Illustrated football phone for good measure.

Regards,
Jeff & Randy

Peon said:
***He is my Obama of Technology Management. ***

Odd, that sounds like an insult. Ballmer is no empty suit with a good voice and a ton of skeletons in his closet. Unlike Obama, he is the real deal

TW shareholder said:
@LF
-- You'd better sell fast when they do. What does a global media company without an Internet branch these days? Not much, right? I hope Bewkes is not this shortsighted.

I don't know if he's shortsighted, but his predecessors never made a real effort to use AOL as a TW internet branch in the first place. Seems like they treated it like a single magazine in a sea of independent magazines.



TW Shareholder (2) said:
We're AOL, we can do for Yahoo want we did for Time Warner. Reduce your book value by 1,000 percent.

D.S.L. (URL) said:
The market opened today with Yahoo shares taking a huge hit after declining the MS offer.

Marah Marie (URL) said:
@ LF- anyone who says "What does a global media company without an Internet branch" doesn't know much about TWX. They're selling cable access as of last week so that's one half of their Internet access gone right there - thank you (and soon Time Warner will no longer be my ISP so I am literally thankful).

Everyone is begging them to sell off the declining dialup subs - and dump the portals - and sell the advertising business. Just get rid of all of it?

Why?

Dialup subs are the only segment making them a dime and AOL is losing them at a rate of 600,000- 1,000,000 a month - that's why they should sell off their remaining access. Sooner or later it becomes a zero-sum game - in fact, it's damn close now.

Advertising rev has faded to nothing for them with Curt Viebranz out and his replacement still trying to figure out the best spot in the office for her coffee cup so it will probably be a while before there's any significant pickup in revenue from that division at all - if ever. The whole team is in flux, no better strategy is being carried out - and it's a mess. Should TWX just keep on eating flat rev/losses on the *hope* that maybe the ad people will get their acts together one day?

Given the facts, exactly why would you have TW hang onto AOL now? Just a month ago, yes, I described the ad properties as valuable and said AOL should be careful about selling them.

Now? If current trends continue they might as well dump the ad properties, too. I like to judge by what my eyes can see, and I'm not seeing anything good coming out of TW hanging onto any portion of AOL.

Marah Marie (URL) said:
@ LF- BTW, don't mind Gordon - he just says things...

Matrixed said:
@Marah Marie - Hey there! My favorite run-on sentence queen!

Your AOL analysis is dead on, but unfortunately 6 months behind. Page views on the owned and operated properties have been up each month since then.

Platform-A integration since Curt departed has been rapid and precise. The difference is noticeable and welcome. The dollars are following.

Access is access... we all know where that is going. But the future of AOL is not access or the AOL brand. It is the network with the greatest reach known as Platform-A.

M-M, you need to let go of your the previous notions of AOL, and realize that a new company is emerging from the wreckage.

Next Move said:
Yes- emerging from the wreckage, which is exactly why we are prime for selloff. Otherwise why buy?

Marah Marie (URL) said:
@ Matrix, I really want a new company to emerge from the wreckage - but you see how I'm so sarcastic and cynical in print that it's probably hard to detect any softer and more idealistic side to me - which wants to see AOL do the best they can with what they've got (and sell off what they can't make the best of) but I've been watching and writing about them for two years and nothing ever changes.

Honestly, I thought they had it sewn up with Platform A since ad.com had some blowout quarters in the last few years. I thought, let them dump access and stop with the software and portals so I can stop complaining about that.

Now with ad rev slowing to a trickle my faith is just about shot that they can ever make good at anything they try long-term.

It's my highest dream and as-yet-unrealized-desire to see them do so well that I'll finally have no choice but to back off - or else to watch them as they do so bad that there's nothing left for me to write about anymore because they're gone. I would prefer if they just got their freaking acts together - that the company finally makes good.

But we'll see.

"My favorite run-on sentence queen!"

Matrix, I've always wanted to be Queen of something...thanks.

Matrixed said:
@Marah Marie
You cynicism is understandable. The last year+ has been filled with some questionable moves.
However, we are now down to a core operating group of proven leadership in Platform-A (read Ad.com'ers). The company has actually made some great advertising acquisitions. The Platform-A turf wars are over. Lynda is firmly in charge. The Sales teams are no longer selling against each other (imagine that).
If the company is to flourish, now is the time.

Thanks for accepting my comments with grace and humor. You will always be the queen in my heart :-)

PT Barnum said:
that's all i ever heard the whole time i was there - we are turning it around! this is the year the company takes off! good times ahead!
whatever. i doubt bewkes believes it, either.

AOL Fish said:
PT Barnum, ditto to what you said. AOL is kidding itself that there is a leprechaun at the end of the rainbow with the pot of gold. Every year, senior management has the same sack of lies. This is it, the turnaround year, we will do it. Hasn't this been the same story they give to their employees each year and lay offs still occur and revenues are down.

Peon said:
***that's all i ever heard the whole time i was there - we are turning it around! this is the year the company takes off! good times ahead!***

The funniest thing that those were the same people who repeated that year after year after year. So they finally replaced gangs, bankoffs, and mckineleys. But nothing changed. The new ones are no better

AOL cc2,5 said:
Amidst all the sale/merger talk, the company has managed to do some spring cleaning by firing some really atrocious mid level engineers from their advertising wing, last week. Now back to the sale/merger talk and other related commentary!!

AOL Fish said:
hey AOL cc2, 5, AOL still needs to do some more firing. Lots of "atrocious" managers and project managers still there.


selamler (URL) said:
sohbet chat sohbet chat çet sohbet chat özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış sesli chat sesli sohbet sesli görüntülü chat görüntülü sohbet kameralı sohbet kameralı chat bayan arkadaş görüntülü çet sesli muhabbet kızlarla sohbet kızlarla chat kameralı çet kameralı sohpet kızlarla çet chat gizli kamera güvenlik sistemleri kamera güvenlik kamerası cilt bakımı cilt bakım ürünleri ıslak mendil kolonyalı mendil kolonyalı mendil güvenlik kamerası gizli kamera kamera canlı sohbet sohpet sohbet sesli sesli chat sesli sohbet kameralı sohbet kameralı chat görüntülü chat görüntülü sohbet bayanlarla sohbet sesli muhabbet bayanlarla chat kızlarla sohbet bayan arkadaş görüntülü çet sesli çet sesli sohpet seslichat sesliçet kameralı sohpet kameralı çet kızlarla sohpet kızlarla çet sesli sohbet sesli sohbet sesli sohbet sesli chat sesli chat chat çet ek iş ek gelir mirc avşa adası avşa avşa adası avşa tatil tatil köyleri "Trkycmhrytllbtpydrklcktr" Trkycmhrytllbtpydrklcktr Trkycmhrytllbtpydrklcktr "Trkycmhrytllbtpydrklcktr" "Trkycmhrytllbtpydrklcktr" Trkycmhrytllbtpydrklcktr özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış "adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması" adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması "adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması" "adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması" adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması ıslak mendil ıslak mendil kolonyalı mendil kolonyalı mendil paketleme ambalajlama paket web tasarım seo refreshing towel perde tatil kozmetik haber joy türk radyo aşk haber video tatil tekstilkent yabancı personel çalışma izni ikamet tezkeresi teşvik belgesi yabancılar çalışma izni danışmanlık iso 9001 iso 14001 ohsas belgesi yabancı çalışma izinleri teşvik belgesi ilaç ruhsatı turizm belgesi kamera kamera kamera kamera driver perde iso 22000 haccp teşvik belgesi yabancı personel çalışma izinleri kapasite raporu kobi kredisi yurtiçi nakliye iso kalite türkiye iso kalite haccp belgesi ohsas belgesi yabancı sermaye teşvik kredisi teşvik kredisi garanti belgesi turizm belgesi teşvik belgesi yatırım teşvik belgesi iso 9001 belgesi göğüs büyütücü kremler leke giderici kremler bitkisel cilt bakım ürünleri leke giderici ürünler botoks botox güvenlik kamerası güvenlik kamerası güvenlik kamerası güvenlik kamerası gizli kamera gizli kamera gizli kamera gizli kamera perde avsa otelleri istanbul otelleri joyturk iso 22000 haccp kapasite raporu yabanci personel calisma izinleri kobi kredisi kobi kredisi iso kalite iso kalite belgesi haccp belgesi ohsas belgesi yabanci sermaye iso 9001 yatirim tesvik belgesi iso 9001 tesvik belgesi turizm belgesi garanti belgesi tesvik kredisi arazi borsasi arazi bankasi arazi borsasi arsa borsasi arsa borsa avsa dunyasi bitkisel ilac bodrum otelleri boya ustasi boya ustasi bitkisel ilac bitkisel ilac ced raporu degerinde arsa dekorasyoncular dokumculer economy consulting elektrik ustasi emlak bankasi emlak borsasi estetikciler galvaniz kaplama galvaniz kaplama garanti belgesi garanti belgesi gayrimenkul borsasi gayrimenkul ikamet tezkeresi iso 2200 haccp iso 2200 haccp iso 2200 haccp iso 2200 haccp iso 2200 haccp iso 2200 haccp istanbul otelleri istanbul otelleri istanbul gayrimenkul ithalat izni kalipcilar kanser ilaci kanser ilaci kapadokya otelleri kapalicarsi borsa kapalicarsi emlakci kaplamaci kaplamaci kaplica otelleri kelepir arsa klima servis klima servisi klimacilar klima klima servisleri kobi kredisi konserveci konserveci konserveci magaza dekorasyon makarna ofis dekorasyon ohsas belgesi/a> otel ekipmanlari oto yan sanayi personel servisleri plastik cerrahi rahim kanseri satilik arsa seker hastaligi sut urunleri tesvik kredisi tesvik belgesi tesvik kredisi turizm belgesi turizm isletme belgesi turkey economy turkey economy consulting unlu mamul unlu mamuller turizm belgesi unlu mamul villa dekorasyon yabanci calisma izni yabancilar calisma izni yapi malzemeleri yatirim tesvik belgesi etiket haccp belgesi haccp belgesi hibe tesvikleri ohsas 18001 ohsas belgesi ohsas belgesi tarim tesvik tesvik tesvik tesvik belgesi tesvik belgesi tesvik belgesi tesvik belgesi tesvik belgesi yatirim tesvik belgesi yuksek tansiyon







sohbet
chat
sohbet
chat
çet
sohbet
chat
özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması
aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış
sesli chat
sesli sohbet
sesli
chat
çet
sohbet
görüntülü chat
görüntülü sohbet
kameralı sohbet
kameralı chat
bayan arkadaş
görüntülü çet
sesli muhabbet
kızlarla sohbet
kızlarla chat
kameralı çet
kameralı sohpet
kızlarla çet
chat
gizli kamera
güvenlik sistemleri
kamera
güvenlik kamerası
cilt bakımı
cilt bakım ürünleri
ıslak mendil
kolonyalı mendil
kolonyalı mendil
güvenlik kamerası
gizli kamera
kamera
canlı sohbet
sohpet
sohbet
sesli
sesli chat
sesli sohbet
kameralı sohbet
kameralı chat
görüntülü chat
görüntülü sohbet
bayanlarla sohbet
sesli muhabbet
bayanlarla chat
kızlarla sohbet
bayan arkadaş
görüntülü çet
sesli çet
sesli sohpet
seslichat
sesliçet
kameralı sohpet
kameralı çet
kızlarla sohpet
kızlarla çet
sesli sohbet
sesli sohbet
sesli sohbet
sesli chat
sesli chat
chat
çet
ek iş
ek gelir
mirc
avşa adası
avşa
avşa adası
avşa
tatil
tatil köyleri
"Trkycmhrytllbtpydrklcktr"
Trkycmhrytllbtpydrklcktr
Trkycmhrytllbtpydrklcktr
"Trkycmhrytllbtpydrklcktr"
"Trkycmhrytllbtpydrklcktr"
Trkycmhrytllbtpydrklcktr
özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması
özcan sarıca ile kurtlar vadisi pusu 3.sezon 1.seo yarışması
aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış
aytug akdogan ödüllü 1. seo yarışması ve yurtta barış dünyada barış
"adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması"
adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması
adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması
"adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması"
"adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması"
adtech ile reklam 2.0 dönemi başlıyor ve Trkycmhrytllbtpydrklcktr r10.net seo yarışması
ıslak mendil
ıslak mendil
kolonyalı mendil
kolonyalı mendil
paketleme
ambalajlama
paket
web tasarım
seo
refreshing towel
perde
tatil
kozmetik
haber
joy türk
radyo
aşk
haber
video
tatil
bodrum otelleri
antalya otelleri
alanya otelleri
marmaris otelleri
istanbul otelleri otelleri
antalya otelleri
marmaris otelleri
bodrum otelleri
alanya otelleri
fethiye otelleri
fethiye otelleri
kuşadası otelleri
kuşadası otelleri
asos otelleri
oteller rehberi
oteller rehberi
oteller rehberi
tatil koyleri
tatil koyleri
tatil koyleri
kapadokya otelleri
alanya otelleri
tatik koyu
tatil rehberi
edremit pansiyonlari
side pansiyonlari
manavgat pansiyonlari
amasra pansiyonlari
antalya pansiyonlari
alanya pansiyonlari
kapadokya pansiyonlari
kusadasi pansiyonlari
ayvalik pansiyonlari
bozcaada pansiyonlari
avsa pansiyonlari
marmaris pansiyonlari
didim pansiyonlari
efes pansiyonlari
efes sirince pansiyonlari
kemer pansiyonlari
fethiye pansiyonlari
bodrum pansiyonlari
amasra pansiyonlari
kapadokya pansiyonlari
kemer pansiyonlari
manavgat pansiyonlari
side pansiyonlari
fethiye pansiyonlari
didim pansiyonlari
kusadasi pansiyonlari
bodrum pansiyonlari
marmaris pansiyonlari
avsa pansiyonlari
avsa otelleri
avsa adasi pansiyonlari
adiyaman pansiyonlari
kemer pansiyonlari
manavgat pansiyonlari
side pansiyonlari
pamukkale pansiyonlari
amasra pansiyonlari
kapadokya pansiyonlari
istanbul pansiyonlari
ucuz pansiyonlar
fethiye pansiyonlari
didim pansiyonlari
ayvalik pansiyonlari
antalya pansiyonlari
alanya pansiyonlari
kusadasi pansiyonlari
bodrum pansiyonlari
marmaris pansiyonlari
termal otelleri
thermal hotels
termal otel tekstilkent
yabancı personel çalışma izni
ikamet tezkeresi
teşvik belgesi
yabancılar çalışma izni
danışmanlık
iso 9001
iso 14001
ohsas belgesi
yabancı çalışma izinleri
teşvik belgesi
ilaç ruhsatı
turizm belgesi
kamera
kamera
kamera
kamera
driver
perde
iso 22000 haccp
teşvik belgesi
yabancı personel çalışma izinleri
kapasite raporu
kobi kredisi
yurtiçi nakliye
iso kalite türkiye
iso kalite
haccp belgesi
ohsas belgesi
yabancı sermaye
teşvik kredisi
teşvik kredisi
garanti belgesi
turizm belgesi
teşvik belgesi
yatırım teşvik belgesi
iso 9001 belgesi
göğüs büyütücü kremler
leke giderici kremler
bitkisel cilt bakım ürünleri
leke giderici ürünler
botoks
botox
güvenlik kamerası
güvenlik kamerası
güvenlik kamerası
güvenlik kamerası
gizli kamera
gizli kamera
gizli kamera
gizli kamera
perde
avsa otelleri
istanbul otelleri
joyturk
iso 22000 haccp
kapasite raporu
yabanci personel calisma izinleri
kobi kredisi
kobi kredisi
iso kalite
iso kalite belgesi
haccp belgesi
ohsas belgesi
yabanci sermaye
iso 9001
yatirim tesvik belgesi
iso 9001
tesvik belgesi
turizm belgesi
garanti belgesi
tesvik kredisi
arazi borsasi
arazi bankasi
arazi borsasi
arsa borsasi
arsa borsa
avsa dunyasi
bitkisel ilac
bodrum otelleri
boya ustasi
boya ustasi
bitkisel ilac
bitkisel ilac
ced raporu
degerinde arsa
dekorasyoncular
dokumculer
economy consulting
elektrik ustasi
emlak bankasi
emlak borsasi
estetikciler
galvaniz kaplama
galvaniz kaplama
garanti belgesi
garanti belgesi
gayrimenkul borsasi
gayrimenkul
ikamet tezkeresi
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
istanbul otelleri
istanbul otelleri
istanbul gayrimenkul
ithalat izni
kalipcilar
kanser ilaci
kanser ilaci
kapadokya otelleri
kapalicarsi borsa
kapalicarsi emlakci
kaplamaci
kaplamaci
kaplica otelleri
kelepir arsa
klima servis
klima servisi
klimacilar
klima
klima servisleri
kobi kredisi
konserveci
konserveci
konserveci
magaza dekorasyon
makarna
ofis dekorasyon
ohsas belgesi/a>
otel ekipmanlari
oto yan sanayi
personel servisleri
plastik cerrahi
rahim kanseri
satilik arsa
seker hastaligi
sut urunleri
tesvik kredisi
tesvik belgesi
tesvik kredisi
turizm belgesi
turizm isletme belgesi
turkey economy
turkey economy consulting
unlu mamul
unlu mamuller
turizm belgesi
unlu mamul
villa dekorasyon
yabanci calisma izni
yabancilar calisma izni
yapi malzemeleri
yatirim tesvik belgesi
etiket
haccp belgesi
haccp belgesi
hibe tesvikleri
ohsas 18001
ohsas belgesi
ohsas belgesi
tarim tesvik
tesvik
tesvik
tesvik belgesi
tesvik belgesi
tesvik belgesi
tesvik belgesi
tesvik belgesi
yatirim tesvik belgesi
yuksek tansiyon

صور حب (URL) said:
خوخ شات خوخ
شات خوخ
- منتديات
خوخ
منتديات خوخ دردشة خوخ -
خوخ خوخ
تصميم
منتديات خوخ فوتشوب منتديات خوخ
دروس فوتوشوب منتديات خوخ
فلاتر فوتوشوب منتديات خوخ
استايلات فوتوشوب منتديات خوخ
ملحقات فوتوشوب منتديات خوخ تصاميم
منتديات خوخ ، فلاش منتديات خوخ دروس
فلاش
منتديات خوخ مواقع تعليم فلاش
منتديات خوخ دروس للفلاش جديدة منتديات
خوخ ملاحظات للمصممين منتديات خوخ حركات
فوتشوب
منتديات خوخ بوينت شوب
منتديات خوخ ادوبي
photoshop 11 cs منتديات خوخ
عرض
تصاميم
منتديات خوخ
صور منتديات خوخ :
صور رومانسية صور
رومانسية،
صور رومانسيه صور
رومانسيه،
صور حب صور
حب،
صور مضحكة صور
مضحكة، صور ،
صور غريبة صور
غريبة،
صور جديدة ،
صور مذهلة ،
صور لم تراها ،
صور ابداع ،
صور اطفال ، صور تؤام ،
لقطات
بالعدسة ،
صور طبيعة ،
صور
جبال
، صور مناظر طبيعية
صور كهوف ، اجدد الصور الجميلة قد ترى صور
رائعة شاركنا بها منتديات خوخ
صور بنات منتديات خوخ : اجمل
رائعه فسوف تجد منتديات خوخ
صور بنات منتديات خوخ بنات منتديات خوخ صور في منتديات منتديات
خوخ منتديات منتديات خوخ
صور مضحكة منتديات خوخ : اجمل رائعه
فسوف تجد صور مضحكة صورة مضحكه رائعة
مضحكة صور في منتديات خوخ
منتديات منتديات خوخ ، هل تبحث عن
صور ماسنجر منتديات خوخ: صور
للماسنجر رائعه وبرامج ماسنجر كذلك منتديات خوخ في
منتديات منتديات خوخ
، ماسنجر بلس
منتديات خوخ لتلوين الماسنجر الوان الماسنجر الرائعه استخدم
بلس منتديات خوخ في
منتديات منتديات خوخ ،
ابتسامات ماسنجر منتديات خوخ رائعة
ان كنت تريد المزيد من ابتسامات
ماسنجر منتديات خوخ في منتديات منتديات خوخ ،
صور حب منتديات خوخ : استخدم صور
حب في التصميم تجد
صور حب رائعه جدا في منتديات خوخ
منتديات منتديات خوخ ،
صور رومانسيه منتديات خوخ : اجمل
الصور رومانسية في منتديات خوخ
منتديات منتديات خوخ
منتديات خوخ
انتهاء صلاحية وجه مايكل جاكسون
‏منتديات خوخ صور
بنات
‏منتديات خوخ
هكذا تحل القضايا
الاسلامية لاحول ولاقة الا بالله
افخم
قبر في العالم

ولا أحلى ادخل
وأحكم
هذا
شباب واحد في مدينة جدة هاوي بلوت (مدمن
البيت
الذي حصل على جائزة اجمل بيت في العالم

منتديات خوخ
رسمـ طباشير ثلاثي
أبعاد والله روعة
منتديات خوخ صور
ماسنجر
منتديات خوخ صور
رمزية للمنتديات

لآأيق عليهآ
الدلع
صور
رائعة من مهرجان التوائم الذي اقيم مؤخرا بايران‎

دقق في الصوره
كم صور
بنات حلوة جديد

صوره فقعت بطني
من الضحك
منتديات خوخ
هذي نهاية كل
حمار يتعرض للحميرات المحترمات

منتديات خوخ
لقطات بالعدسه
ولا اروع
سيارات
المرور الجديدة‎

مانشستر في المتحف
متى يستطيع بني
آدم المشي على الماء؟!!‎

اعنف واغرب مبارة
لكرة القدم

:. باقه من خلفيات صور للاطفال .:
عمركم
سمعتوا بمزايين للدجاج تفضلوا بعد التعديل

عمرك سمعتوا
بمزايين الدجاج خخ اجل ادخل وشوف بعينك

لمحبي المايونيز
موضوع خطير جدا ادخل وشوف

الطريقة الخليجية
للذِهاب إلى المدرسةِ
ااحدث
سياره في السعوديه ؟؟لايفوتكم

سبحان الخالق
صور جميلة وحساسة
‏ اصور رومانسية
جديدة
آخر
تعديلات على كامري2007
افن
التغليف خطوة بخطوة بالصور حصري

كمبيوتر نذل منتديات
خوخ اطول
شعر في العالم

حر في الرياض منتديات
خوخ فخامة السجاد
المنزلي
عجوز
تدهس حفيدتها بقـدمها حتى المـوت. فقط لأصحاب القـلوب القوية
صور
دباديب متوحشة
منتديات خوخ
http://forum.5aa5.com/f2
منتديات خوخ
أسعد الله
اوقاتكم
أنواع
الدموع وأجملها
خذ
نصيحتك بناءً على أول حرف من أسمك
خبيرة
بريطانية اتجهت تركت الطب واتجهت لهز الوسط
فــــي
رمضـــان

ماأجمل عطاء النفس

منتديات خوخ مبارك
عليكم الشهر

قوانين الحياة
اول
مخترعون أول من اخترع ؟

من قرأ سورة
الكهف في يوم الجمعة أضاء له النور ما بين الجمعتين

هواتف مشايخ
ويمكن الاتصال بهم مباشره ونسال الله التوفيق لنا ولكم

للصورة معنى
وحديث
صور
فضائح ارجو عدم الحذف والتثبيت
منتديات خوخ ‏
بحر الحيـــــاه
فيديو يوتيوب
تلذذ في التلاوة من ياسر الدوسري

هديه من القلب
من تختار ليمسح
لك دموعك
ماهي
فاكهة المنتديات خوخ

ـآجمل فلفسفة
!!!! ( بين ذكر وـآنثى )

تفضلو في هذا
الموضوع 5 دقايق بس

إبحث عن المصدر
دائماً ولا تتعجل

تلاوة القرآن
الكريم …بظغطه واحده

~~: اعتذارات
للحيـــــــاة :~~
‏ ا
قلمـ رصــاص░ أو ░ قلمـ حبــــــر ░
ا!!
الرَحَيلْْْ بلآ صّوت!!
منتديات خوخ ‏ مبدع
وموهوب‎
قل
لماضيك وداعا
اصوره
محيره
.:
..:; { الـ ق ـلم رجل والـورقة انـ ث ـى } ;:.. :.

((( فكر .. قبل
أن تكتب .. !! )))
اخليط
الحبر
بصراحة
… بكل ثقة

القرآن الكريم شفاء

ستايلات جديده منتديات خوخ
ستايلات جديدة
منتديات خوخ
احمر منتديات خوخ
ورق الحائط
منتديات خوخ
احذية كيوت منتديات خوخ
بلايز صيفي منتديات خوخ
بلايز منتديات خوخ
شنط و ساعات منتديات خوخ
شنط -
ساعات منتديات خوخ
احلى ثياب للأطفال منتديات خوخ
ثياب منتديات خوخ
إستعمال الفازلين
الفازلين منتديات خوخ
الجاذبية عند البنات منتديات خوخ
بلايز عام2008 -انواع
قصات وصبغات الشعر
منتديات خوخ
قصات الشعر منتديات خوخ
صبغات الشعر منتديات خوخ
خواتم فخمه منتديات خوخ
خواتم منتديات خوخ
فساتين زفاف للمحجبات منتديات خوخ
فساتين للمحجبات منتديات خوخ
صور نضارات روعه منتديات خوخ
نضارات منتديات خوخ
استايلات روعة منتديات خوخ
روائح المطبخ الكريهة -
منتديات خوخ
نصائح
منتديات خوخ -
السمك المشوي
منتديات خوخ
حلقان حلوه -
ستايلات -
ورق منتديات خوخ
السمك
منتديات خوخ
شاعر المليون
منتديات خوخ
خواطر
منتديات خوخ
خواطر رومانسية
منتديات خوخ
خواطر حب
منتديات خوخ
خواطر جميلة
منتديات خوخ
قصيدة منتديات خوخ
قصائد
قصص
منتديات خوخ روايات ادبيه طويله
منتديات خوخ قصص واقعية منتديات خوخ
قصص مؤثرة منتديات خوخ
قصص حب منتديات خوخ
قصص رومانسيه منتديات خوخ
روايات رومنسيه منتديات خوخ
قصة واقعيه
قصة و روايات حب منتديات خوخ
قصة خيال منتديات خوخ
قصة خيالية رائعة
حب منتديات خوخ
قصة البروفيسور منتديات خوخ
قصه تشبه الخيال منتديات خوخ
قصه منتديات خوخ
قصـه مــــرعب منتديات خوخ
لقمان الحكيم منتديات خوخ
محمد العريفي منتديات خوخ
قصة الشيخ محمد العريفي -
معاكس طائش -
قصة سوف تنقلب عليك -
أستــاذ ذكــي -
فتاة تخدع شاب على الماسنجر -
لمن لا يعرف قصة الحب :فيدخل ويقرأ عنه
منتديات خوخ فضيحة طالبه في المدرسه الثانوي
منتديات خوخ فضيحة منتديات
خوخ قصة واقعية رومانسة
منتديات خوخ قصة رومانسة
sitemap
sitemap
sitemap
sitemap
sitemap
sitemap
sitemap
صور ماسنجر منتديات خوخ
ماسنجر
توبيكات + صور منتديات خوخ
ابتسامات ماسنجر منتديات خوخ
ابتسامات للماسنجر منتديات خوخ
برامج حمايةفك
ipod Touch
ثيمات windows XP
حركات ماسنجر منتديات خوخ
حركات منتديات خوخ
حركات منتديات خوخ منتديات خوخ
ماسنجر منتديات خوخ
توبيكات ماسنجر منتديات خوخ
برامج مضاد الفيرسات منتديات خوخ
برامج ماسنجر منتديات خوخ
حـلول لمشاكل المسنجر منتديات خوخ
برامج حماية منتديات خوخ
برنامج تشغيل Mp4
الكتب الاكترونية
منتديات خوخ
برامج فيديومنتديات
خوخ برامج كمبيوتر منتديات
خوخ برامج تصفحMcad
Crack Lock
برنامج Ace DivX Player
لتشغيل MP4
ماسنجر بلس منتديات
خوخ برنامج winrarمنتديات خوخ
منتديات خوخ برامج المحادثات منتديات
خوخ برامج البريد الالكتروني منتديات
خوخ برامج جوال
برنامج تشغيل 3gp منتديات خوخ
ويندوز كريزي منتديات خوخ
برنامج الفوتوشوب منتديات خوخ Glitter
منتديات خوخ
توبيك جديد
توبيكات حلوة توبيكات
ملونة
باتش
windows live messengerمنتديات خوخ
ماسنجر الهوتميل
منتديات خوخ برامج 2009
منتديات خوخ Nospeed
توبيكات جديـــــده
تشكيله من
الخواتم من تصميم رامز بصمجي

رامز بصمجي
خواتم
بناطلين واطقم
وبرمودات

برمودات

راقيه
-
راقية

بناطلين
منتديات خوخ
تسريحات راقيه
منتديات خوخ
تسريحات
موسوعة كاملة فى
اكسسورات - ساعات - نظارات - شنط
-
منتديات خوخ
موسوعة
منتديات خوخ اكسسوارات
ساعات
نظارات
شنط
منتديات خوخ
نظارات جميله

نظارات
ازياء
و اطقم للجميلات
-
كؤوس روعة
للعرسان
-
اطقم اكسسورات رائع
منتديات خوخ جميلات
اجمل الصنادل 2008

صنادل
أزياء روعه
للبنات
منتديات خوخ
ازياء الزفاف
منتديات خوخ
مكيـاج لبناني
منتديات خوخ
صنادل روعة
منتديات خوخ ازياء

منتديات خوخ صنادل
- أزياء روعه
للبنات
منتديات خوخ -
ازياء الزفاف
منتديات خوخ -
مكيـاج لبناني
منتديات خوخ -
صنادل روعة
- فساتين سهرة
بالتفاصيل
منتديات خوخ -
مكياج لأجمل عيون
منتديات خوخ
مكياج
منتديات خوخ -
ايلي صعب
منتديات خوخ
زياء للمصمم ايلي
صعب
منتديات خوخ
فساتين جديدة
تحفة موت
منتديات خوخ
فساتين للمحجبات
تحفه جدا ورقيقة
منتديات خوخ
فساتين للمحجبات
صور للأزياء
منتديات خوخ
ازياء هنديه
منتديات خوخ
صور ازياء هنديه
منتديات خوخ أزياء -
أزياء
هنديه
-
كبسة منتديات
خوخ مواقع
للطبخ والحلويات
-منتديات خوخ
حلى التويكس
منتديات خوخ
شامبانيا سعودي
منتديات خوخ
خلطة كنتاكى
السرية
منتديات خوخ
كنتاكى -
منتديات خوخ
حلى الخرفان
منتديات خوخ
فـــطاير
الــبطاطس
منتديات خوخ -
وصفه الملوخيه
- الملوخيه -
كوكتيل برتقال مع
منتديات خوخ
منتديات خوخ
كوكتيل -
كرات الشوكلاته
بالبندق
منتديات خوخ
كرات الشوكلاته
اسكالوب بالصلصة
وتكساس فراي
-منتديات خوخ
سكالوب
منتديات خوخ
المطبخ الخليجي
منتديات خوخ
حشووة سندويشات
منتديات خوخ
سندويشات
منتديات خوخ
محشى البصل
منتديات خوخ
موسوعة الأطباق -
موسوعة الأطباق الإيطاليه
-
الأطباق
الإيطاليه
- رمضان -
وصفات رمضان -
سفرة رمضان -
الشيف رمزي -
المطبخ اللبناني منتديات خوخ
حلويات -
اكلات سهلة الصنع -
تخسيس منتديات خوخ
hgl'fo -
الطبخ الشرقي -
المطبخ الشرقي
صور ملابس العيد منتديات خوخ
مكياج روعه بأنامل خبيرة التجميل
السعودية زكية أحمد
منتديات خوخ
زكية احمد منتديات خوخ
مكياج بااربي من Max -
لعشاق اللون الاسود منتديات خوخ
maxx برامج
، برامج كمبيوتر ، برامج مجانية ، برامج تحويل الصوتيات ، برنامج محول الصوت ،
برامج تشغيل rm ، برنامج تحويل 3gp ، نوكيا n73 ، برامج نوكيا ، برامج تحميل ،
برامج ماسنجر برامج فك الضغط ، برنامج winrar ، برنامج mp3 ، برامج جديده ، برامج
2008 ، برامج 2009 ، اخر البرامج ،احدث البرامج ، برامج حمايه ، برنامج kaspersky ،
برنامج northn intivirus ، برنامج nod32 ، برامج الحمايه الكاملة ، توبيكات ،
توبيكات ماسنجر ، صور ماسنجر ، صور ابتسامات ، صور الوان ، توبيك ملون ، توبيكات
ملونه ، توبيكات ملونة ، ماسنجر 8.5 ، ماسنجر بلس ، ماسنجر اخر اصدار ، توبيكات
جديده ، توبيكات جديدة ، توبيكات مزخرفة ، ماسن ، ماسنجر الجديد ، برنامج حمايه


dfdfd (URL) said:
Eyeglasses at discount prices plus a full line of Eye Glasses. Eyeglass Frames, Discount Eyeglasses, Reading Glasses and others.
Tiffany and co Store provides our customers with various kinds of tastefully, handcrafted replica tiffany and Fake Tiffany which are appealing to their refined tastes and other tiffanys jewelry. In our Tiffany Jewellery online stores, You can chase after every kind of