The website provides users with the chance to judge participants on their abilities in activities such as karaoke, dance, photography, writing, beauty and comedy contests.
Co-founded by Mike Speiser, Bix is part of a growing trend for internet service providers to capture a share in the booming world of user-generated content websites.
It is the latest in a string of social media sites acquired by Yahoo!, including online video-sharing and editing website Jumpcut, Flickr and Del.icio.us.
Last month, Yahoo!'s quarterly results revealed a 38% decline in profits to $155m (£83m), despite a 20% growth in revenues.
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