Four years ago or so, a handful of big, lumbering old-media companies, desperate to show investors and the technorati alike that they had a clue when it came to the Internet, created the new position of digital strategist-in-chief.

Almost in lockstep, companies from ABC to Viacom (VIA) named a round of rising stars to a new position of top interactive honcho: MTV Networks hired entrepreneur Jason Hirschhorn as chief digital officer.

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Oracle (ORCL) pounced on Sun Microsystems (JAVA) a week ago, agreeing to buy the battered server maker for $5.6 billion, excluding Sun’s cash. On the surface, the tech world responded relatively quietly to Oracle’s bombshell by getting about the business of reporting earnings. Behind closed doors, however, the entire industry has been turned topsy-turvy.

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Last summer, well after Twitter had become the buzz of the New York and San Francisco Web crowds but months before its current moment at the apogee of Internet hype, I visited the start-up at its hip South of Market offices and wrote a feature on the company in Fortune. Its title, “The true meaning of Twitter,” now feels like a quaint moment in time when the very definition of the company’s name, let alone how you use its product, needed explaining.

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Metaphorically speaking, Google (GOOG) is killing the newspaper industry. Online news is quickly hollowing out the traditional paper–the Christian Science Monitor eliminates its print edition, Tribune Co. declares bankruptcy, Detroit’s two dailies slash home delivery to three days a week–while Google rakes in advertising profits. Turns out that Google CEO Eric Schmidt professes a passionate desire to lend a hand.

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A couple years ago, right around the time Dell’s exploding laptop batteries were getting a fair amount of media attention, I had breakfast in San Francisco with a senior Dell executive. He was seriously annoyed by all the focus on Dell (DELL), even though his company wasn’t the only one with the spontaneous combustion problem caused by Sony’s (SNE) batteries.

I used, with little success, an explanation I like to give subjects trying to understand their media coverage. It revolves around a key scene in the fabulous Ron Howard movie “The Paper” in which a tortured city hall official pleads with a columnist to know why the latter is targeting the former in his columns. “You don’t get it, do you,” replies the news man. “It’s your turn.”

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Nature abhors a vacuum, but apparently not in Silicon Valley, where it may not be easy to fill some very prominent vacancies. Right now you’ve got Jerry Yang abdicating at Yahoo, and Microsoft is looking for someone to run its online division. And there are persistent rumors that another huge job might be opening up at Google.

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Let’s start with some uncomfortable truths. We wouldn’t be publishing an article about the under-the-radar guy who’s most likely to succeed Steve Jobs as chief executive of Apple if Jobs himself hadn’t shown up at a company event in San Francisco in June looking frightfully skinny and pale. Jobs, after all, is a pancreatic-cancer survivor, having beaten a treatable form of the disease in 2004. Since that appearance last summer, Apple’s excitable investor base and blogosphere have spun full tilt wondering about their hero’s health, a topic that – other than the pithy retort here and the acerbic talk-to-the-hand comment there – Apple’s CEO has declined to address.

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I wrote Friday about the daunting math that Microsoft suddenly faced if it didn’t significantly boost its stake in Yahoo. In short, though Yahoo insiders and generally supportive institutions control less than 40% of Yahoo’s outstanding shares, they easily control a majority of shares likely to be voted in a hostile proxy contest. Average Joes rarely vote in such fights, boosting the power of the pros. Why Microsoft’s bankers at Morgan Stanley didn’t figure this out sooner–or why CEO Steve Ballmer didn’t listen–is one of the intriguing tales that may yet be told. As of the opening bell Monday morning, however, the math changes immediately …

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