When Terry Semel left his spot atop Warner Bros. film studio to take over Yahoo, a lot of people thought he'd end up returning to Hollywood for an even bigger job. They were right, in a way. Semel is now CEO of one of the world's most influential media-entertainment companies: Yahoo, the Hollywood edition. As the Internet becomes the dominant infotainment medium, the same portals we rely on now--Google and Yahoo--will only work harder to keep their hooks in us. To that end, Semel has already made a few shrewd hires: Lloyd Braun from ABC, to create original content; a roving war correspondent, to post text and video from Iraq; and Madison Avenue vet Wenda Harris Millard, to get big brands to advertise online.