peHUB First Read

Some links to kick off your Friday:

* Microsoft is offering to buy Yahoo, sending the Internet company’s shares up 54% in pre-market trading. I want to do that cowboy yodle thing, but can’t figure out how to make it work in print. Sometimes rumors do come true…

* Lone Star Funds is found guilty of stock price manipulation by a South Korean court. The firm vows to appeal, but this can’t much help its current fundraising drive (which I hear could max out at $10 billion, including a $3 billion carveout for direct real estate).

* Carl Icahn scores a win in his endless battle with Motorola, as the electronics company agrees to consider a sale of its slumping cell phone business. And now in the spirit of shameless self-promotion: I’ll be interviewing Icahn on stage at Buyouts East, in New York City on March 4.

* Who wants to buy Soc Gen?

* Facebook chief Mark Zuckerberg reveals what we already knew: Facebook doesn’t make much money.

* Glam Media is raising another $200 million.