The Wall Street Journal reported late on Tuesday that Yahoo has meetings on Wednesday through Friday to discuss the possibility of selling its internet businesses and getting more out of its stake in Alibaba Group Holding.
According to this report, Yahoo’s board of directors are expected to talk about whether or not to spin off the Alibaba stake, find a buyer for Yahoo’s web properties (possibly a private equity firm), or both.
The New York Times also reported the news citing people briefed on the plans.
Yahoo shareholders haven’t been incredibly thrilled with the Marissa Mayer-led company after three years. Activist shareholder Starboard called on Yahoo last month to put a stop to its plan to spin off the Alibaba stake, which is otherwise expected to happen next month. Starboard wants Yahoo to sell its core web businesses (search and advertising) instead.
Unsurprisingly, Yahoo isn’t offering up any official comment on the reports.
According to Kara Swisher, who has a long history of reporting on insider Yahoo information (previously for the Journal in fact), Yahoo’s board is behind Mayer and doesn’t want to sell the core Web business.
Swisher also says her sources indicate the company has already selected a CEO for Abaco Holdings, which is the what the Alibaba stake’s spinoff is called.
After the Journal’s report, Yahoo shares jumped 7% in extended trading.
Yahoo Mail and Yahoo News combined for 210 million visitors in the U.S. in October according to comScore.
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