Yahoo has danced around the idea of selling its core business in a tense few months, but now it could be moving along fast.
Yahoo, which has struggled to satisfy shareholders in recent years, initiated the process to sell its core business on Friday. That comes after the company and one of its shareholders, activist investor group Starboard Value engaged in a tense standoff over the company’s direction.
The list of potential buyers includes private equity firms and corporations: Verizon Communications (vz), Comcast (cmcsa), AT&T (t), Bain Capital Partners, KKR (kkr), and TPG have expressed interest in the core business—Yahoo’s search engine, mail, and news sites, according to Bloomberg.
Last year, Yahoo proposed spinning of its $30 billion stake in Chinese internet giant, Alibaba (baba), and its $8 billion stake in Yahoo Japan. The plan was to transfer that wealth to shareholders.
In response, Starboard Value threatened a proxy fight and made an implicit demand for Mayer’s removal.
Yahoo executives have still yet to explicitly state the spinoff of its core business.
Yahoo is worth roughly $28.97 billion.
Shares of Yahoo have lost nearly a third of its’ value since last year, though shares have risen 1.35% in before-hours trading Monday.