In what could turn out to be the beginning of the end of a fabled Internet company, Yahoo started a formal process Friday that could result in selling all or parts of its business.
The company announced that its board had formed a committee of independent directors to consider strategic options while it continues to pursue a complex plan to split its operating businesses from its 15 percent stake in Alibaba, the Chinese Internet company.
The move, which Yahoo telegraphed when it reported its financial results early this month, will allow potential bidders to examine its finances and decide whether to make offers for all or part of it. More than a dozen companies and private equity investors, most prominently Verizon, have expressed preliminary interest in buying at least some of Yahoo.
Activist investors like Starboard Value have been pushing for a sale of the core business, which includes the company’s Web search, email service, sports and financial news, and separately operated services like the Tumblr blogging network and the Flurry mobile analytics service.