"Yahoo! is the only company with both scale and leadership in branded and search advertising"

This quote by Terry Semel is referring to the success of Yahoo! as a company. He is saying that Yahoo! is the only business that has both the size and the leadership to be successful in both top quality and search advertising. This suggests that Yahoo! has the resources and the expertise to be effective in both kinds of advertising. This is a testimony to the success of Yahoo! as a business and its ability to stay competitive in the ever-changing digital landscape. It also speaks with the leadership of the business, which has actually been able to stay ahead of the competitors and remain a leader in the industry. This quote is a testament to the success of Yahoo! and its ability to stay ahead of the competition.