Yahoo exploring sale of $1 billion-$3 billion in 'non-core assets' says CFO

Yahoo Inc is exploring the sale of $1 billion to $3 billion of patents, property and other “non-core assets,” its chief financial officer said on Thursday.

Yahoo CFO Ken Goldman told the Morgan Stanley Technology, Media and Telecom Conference that a committee created to explore alternatives to the company’s plan to spin off its core business is looking at quick sales of assets.

Goldman said patents, land, property and “non-core units or businesses” are all on the table for potential sale, and the company has sold or licensed more than $600 million in patents over the last three years.

Yahoo faces increasing pressure from shareholders and investors to sell its core business instead of going through a spinoff that would separate the company from its multi billion-dollar stakes in Yahoo Japan and Alibaba Group Holding Ltd .

In recent weeks, media reports have surfaced that Time Inc , Verizon Communications Inc and several other suitors have emerged as potential buyers.

Goldman did not confirm the reports but said the committee is “aligned to see what best creates shareholder value.”

Yahoo Inc is already working on a plan to cut its workforce by at least 10 percent. Business Insider reported, citing sources. “We are not confirming this rumor or commenting further”, Sarah Meron, a spokeswoman for Yahoo told Reuters on Thursday in an e-mail. The layoffs, which would result in more than 1,000 (or more as many speculate) employees leaving the tech giant, is set to affect Yahoo’s media business, European operations, and platforms-technology group, Business Insider said on Wednesday.

With inputs from Reuters