The Wall Street Journal hears that Yahoo is preparing a hybrid content syndication/ad network product for third-party sites. AdExchanger thinks it sounds like a combination of Facebook Likes plus an ad network, but that doesn’t capture it, nor would such a thing exploit what Yahoo is good at. The Journal says sites would get a widget with Yahoo content personalized for the reader on the third-party site, based on contextual targeting of other content on the site and/or on behavioral targeting drawn from Yahoo’s data. Accompanying the content on the widget would be display ads whose revenue Yahoo would share with the other site. There’s no info on how advertisers would purchase these ads. In theory, this sounds like a good offering, particularly for second-tier sites. Yahoo has plenty of quality content, is pretty good at lightly personalizing its own sites, and could offer a brand-friendly environment with the scale of a network – if enough sites sign on.