We've Got Hollywood Covered
|

Daily Mail Mulls Bid for Yahoo

The interest comes a week before the tech giant’s deadline for buyers to submit offers

The parent company of the Daily Mail, a U.K. tabloid paper and news website, confirmed it is talking with other potential investors about possibly bidding for struggling tech giant Yahoo.

A spokesperson for Daily Mail & General Trust told TheWrap that the company has “been in discussions with a number of parties who are potential bidders,” adding, “Discussions are at a very early stage and there is no certainty that any transaction will take place.”

Yahoo declined to comment.

The news adds another name to the list of potential buyers of the struggling tech giant. Yahoo, once an online search behemoth in the first Internet boom, has been trying reinvent itself in the mobile age under CEO Marissa Mayer. Recently, it has cut 15 percent of its workforce and is shutting down some operations in a rebound plan that also includes exploring “strategic alternatives” — essentially putting a “for sale” sign outside Yahoo’s door.

The Wall Street Journal earlier reported the Daily Mail was interested in Yahoo’s media properties.

Mayer, who took the helm of the company in 2012 after holding a top position at Google, aimed to reignite Yahoo through moves that included pricey acquisitions of startups, a slew of mobile apps and a larger content and news machine with big-name talent. But after more than three years, Yahoo has failed to produce meaningful growth in revenue.

Last month, activist investor Starboard Value made good on earlier hints at a battle with Yahoo’s leadership, launching a fight that asks fellow shareholders to oust the current board and install its own slate of nine candidates. It called out the sale process as impetus for the change, saying, “Significant board change is desperately needed to hold management accountable and properly oversee any operational turnaround plan, separation or sale of assets,” according to a letter from the firm.

Dozens of companies have been reported as possible bidders for Yahoo, including CBS, Verizon, IAC, Time Inc., Microsoft and private-equity firms TPG and KKR.