SUNNYVALE, Calif., May 14 (UPI) — A group backed by billionaire investor Warren Buffett is in the hunt to purchase the Internet giant Yahoo!, multiple media outlets reported.
The group also includes Dan Gilbert, the founder of Quicken Loans and owner of the NBA’s Cleveland Cavaliers.
Yahoo!’s core Internet business has been on the sale bloc since last month, as the email and web searching giant has seen slumping profits and leadership turmoil.
The company as a whole is now valued at about $35 billion, CNN reported. At its peak, Yahoo! was valued at $255 billion in early 2000.
Telecommunications giant Verizon is also reportedly in the running for Yahoo!, as it looks to expand into digital content production and online advertising. Verizon purchased AOL last year for $4 billion. Verizon was considered the front-runner to buy the Internet icon.
Yahoo!’s core Internet business includes its email hosting service, search engine and other news and web content production operations. The sale does not include Yahoo!’s ownership stake in Chinese online retailer Alibaba or Yahoo! Japan.
The core Internet business is valued at between $5 billion and $8 billion.
USA TODAY reports Yahoo! still commands an online audience of more than 1 billion people annually, but has struggled in the competitive world of online advertising against sites like Google and Facebook.
The news of Buffett’s interest in Yahoo! sent the company’s stock up 1.4 percent after trading Friday. It now stands at $37 per share.
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