One of the most powerful Internet companies is officially for sale

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From: Mashable By Jason Abbruzzese
Recommended by: Mashable


Yahoo has admitted what everyone already knew — the company is up for sale.

And to make sure it's taken seriously, Yahoo is bringing in outsiders to drum up interest.

The company announced on Friday the formation of "a Strategic Review Committee of independent directors" to explore "strategic alternatives." Put more plainly, Yahoo has hired bankers and lawyers to field offers that can be presented to the company's board of directors.

The moves come after a particularly dark time for Yahoo, marked by layoffs that are cutting around 15% of its workforce and include the shuttering of many of its content verticals such as food, health and travel.

Yahoo and its CEO Marissa Mayer have faced increasing pressure from activist investors to sell what has been referred to as its "core assets" but really just means its actual business.

Despite remaining a major and powerful web destination, driven by the power of its curated, news-focused homepage, Yahoo's core web advertising business suffered along with the rest of the media industry and efforts to grow into newer areas such as mobile and video have been middling.

The formation of an independent board is a step that could force the company to act if a buyer is found.

Meanwhile, Yahoo has held a

 

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