Yahoo is in acquisition talks with contest site Bix and blog community and analytics tool MyBlogLog, in an effort to shore up its social-networking credentials.

Yahoo plans to acquire Bix, which specializes in running contests in areas such as lip-synching, karaoke, comedy, dance, writing, and photography, reports Red Herring. Using Bix's technology, Yahoo plans to ultimately integrate contests into its website, also allowing users and companies alike to launch their own contests.

Yahoo is facing stiff competition from the likes of News Corp.'s MySpace and YouTube, and investors and analysts have been pressuring Yahoo to expand its social-networking capabilities.

For MyBlogLog, the portal plans on shelling out an estimated $10 million, according to Techcrunch. Yahoo also closed a deal with Swedish mobile company Kenet Works a few months ago.