The activity, created by Ogilvy, uses the tagline 'It's Y!ou', and will launch in the UK on 5 October. It will include print, online, TV and outdoor ads.
The campaign will run in tandem with ads for Yahoo!'s web search, mobile and email services, which will appear throughout the year.
James Tipple, senior marketing director of Yahoo! Europe, said the brand would engage 'other agencies on a project-by-project basis at local level'.
The TV spots ask viewers to imagine a 'place where time and space collide' and tells them: 'It all starts with you.' Press and poster ads feature the line 'The internet is under new management. Yours.'
The campaign will run on the London Underground, Spotify, Last.fm, 4oD, Sky, and in Metro, The Guardian, GQ and Glamour. On the Yahoo! network, Yahoo! will run takeover ads leading to a campaign microsite where people can see how they can personalise the web on Yahoo! It is also letting people download mobile ringtones featuring the Yahoo! Yodel.