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Yahoo CFO Says Sale Process for Company Is 'Well Along the Way'

Yahoo CFO Says Sale Process for Company Is 'Well Along the Way'

By Brian Womack, Bloomberg | Updated: 26 May 2016 16:34 IST

Yahoo Inc.'s strategic review to sell its core business is "well along the way," Chief Financial Officer Ken Goldman said, without giving any specifics.

"It's going, I think, very, very well," Goldman said during a presentation hosted by JPMorgan Chase in Boston on Tuesday. "We are continuing to work tirelessly to get to the right place."

Yahoo - under the leadership of Chief Executive Officer Marissa Mayer - started a review of the company's options in February after pressure from investors and a failed turnaround. Bidders have included TPG, Verizon Communications, YP Holdings and a consortium led by Bain Capital and Vista Equity Partners, people familiar with the matter have said. Berkshire Hathaway Chairman Warren Buffett is also backing a group bidding for Yahoo's Internet assets, people familiar with the matter have said.

(Also see: Marissa Mayer Could Get $55 Million in Severance Pay in Potential Yahoo Sale)

While Goldman said the process is robust, he declined to give details on what "inning" the effort is in during the presentation.

"We are taking it extremely seriously," Goldman said, noting the process is accounting for the majority of executives' time. "It's our collective goal that we find a way that - wherever this ends up - that ultimately Yahoo will do better with the benefit of however it goes than staying independent."

Goldman said Yahoo is making progress in efforts to streamline the company as well. Yahoo now has about 9,000 employees down from 10,400 at the end of last year.

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