Shares of Yahoo rise sharply on report that it will discuss sale of Internet business

BUSINESS

Shares of Yahoo rise sharply on report that it will discuss sale of Internet business

The Associated Press Published Wednesday, December 2, 2015 9:48AM EST Last Updated Wednesday, December 2, 2015 10:28AM EST

Signage outside Yahoo's headquarters in Sunnyvale, Calif., on Jan. 14, 2015. (AP / Marcio Jose Sanchez)

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NEW YORK -- Shares of Yahoo are up sharply Wednesday on a report that the company will discuss the sale of its Internet business.

The Wall Street Journal reported late Tuesday that the board of Yahoo Inc. is meeting this week to talk about what shape the company will take going forward. The article, citing anonymous sources, says private equity firms are among those looking at Yahoo's websites.

Yahoo, based in Sunnyvale, California, declined to comment Wednesday.

Last month, activist investor Starboard Value urged Yahoo to scrap a planned spinoff of its lucrative stake in Chinese e-commerce company Alibaba and sell its own Internet business -- which it is known for -- instead. Starboard's plan would leave the company with its Alibaba investment and Yahoo Japan.

Yahoo runs several web properties including Yahoo Finance, blogging platform Tumblr and fashion site Polyvore.

Shares of Yahoo rose $1.93, or 5.7 per cent, to $35.64 in morning trading Wednesday.