Buffett had said in a CNBC interviewthat Yahoo's business had deteriorated significantly and that "something has to change there."
The deal would involve Pfizer paying with 11.3 of its shares for each Allergan share.
Google, which is working on projects including self-driving cars and robots, has become increasingly focused on artificial intelligence in recent years.
At least five bidders have emerged for the five-year-old video service with four million users.
The move puts it in competition with Apple, Amazon and Google.
The credit crunch means that even a superstar director has to accept some pretty stiff financial terms.
The director leaves Viacom's Paramount studio for a $1.2 billion deal to launch his own filmmaking company with the India entertainment group.
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