Yahoo’s board is meeting this week to decide whether to sell the company’s core business assets, according to a Wall Street Journal report. The board is convening for a series of meetings starting Wednesday, and could decide by Friday to sell Yahoo’s internet business, the Journal reports, referencing unnamed sources with knowledge of the matter.
The board will also have to decide whether to go forward with a plan to sell Yahoo’s remaining shares in the Chinese internet giant Alibaba, which are valued between $20 – $30 billion. Last month, an activist investor pressured Yahoo to abort the Alibaba stake sale, and get rid of its internet business instead.
Yahoo has been under pressure for months, with investors getting tired of waiting for that turnaround that had been promised to them ever since former Googler Marissa Mayer took over as chief executive in 2012. Most recently, Yahoo missed on its Q3 earnings, and was forced to lower its Q4 guidance.
Media in particular has been costly for Yahoo. The company planned to make a big splash with original TV shows this year, but ended up losing $42 million on taking over “Community” from NBC. The company subsequently decided to kill a sitcom dubbed “The Pursuit” as well as a live DJ competition from Simon Cowell’s Syco Entertainment.