Yahoo's board forms a committee of independent directors to explore strategic alternatives, including a plan to revamp and spin off its internet business. Kelsey Hubbard reports.
Yahoo lined up a committee of independent directors to explore the company's future. On the agenda, a plan to revamp and, possibly, spin off its internet business. The move comes two days after Bloomberg reported activist investor Starboard Value was taking steps toward a proxy fight with Yahoo. Starboard holds a less than one percent stake in Yahoo, and has been pushing for changes at the internet company since 2014. It wants to separate its Asian assets and sell the core business. Analysts say, the newly minted committee is Yahoo's latest step to buy time from increasingly impatient investors. According to Yahoo, the committee's role is to tap potential buyers for Yahoo's assets in the "best interests" of the company and its shareholders. Verizon Communications is seen as one of them. Verizon's chief financial officer said in December such a buy could make sense, though it was premature to discuss.