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Yahoo exploring sale of $1 billion - $3 billion in 'non-core assets' - CFO

Published 03/03/2016, 19:48
© Reuters. A Yahoo logo is pictured in front of a building in Rolle
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By Deborah M. Todd

SAN FRANCISCO (Reuters) - Yahoo Inc (O:YHOO) is exploring the sale of $1 billion to $3 billion (£705.8 million - £2.1 billion) of patents, property and other "non-core assets," its chief financial officer said on Thursday.

Yahoo CFO Ken Goldman told the Morgan Stanley (NYSE:MS) Technology, Media and Telecom Conference that a committee created to explore alternatives to the company's plan to spin off its core business is looking at quick sales of assets.

Goldman said patents, land, property and "non-core units or businesses" are all on the table for potential sale, and the company has sold or licensed more than $600 million in patents over the last three years.

Yahoo faces increasing pressure from shareholders and investors to sell its core business instead of going through a spinoff that would separate the company from its multibillion-dollar stakes in Yahoo Japan and Alibaba Group Holding Ltd (N:BABA).

In recent weeks, media reports have surfaced that Time Inc (N:TIME), Verizon Communications Inc (N:VZ) and several other suitors have emerged as potential buyers.

© Reuters. A Yahoo logo is pictured in front of a building in Rolle

Goldman did not confirm the reports but said the committee is "aligned to see what best creates shareholder value."

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