Billionaire Warren Buffett said to be eyeing Yahoo bid

OREANDA-NEWS. May 16, 2016. Warren Buffett may be kicking the tires on Yahoo.

The billionaire investor behind Berkshire Hathaway is part of a consortium exploring a bid for Yahoo's internet assets, Reuters reported Saturday, citing unidentified sources familiar with the matter. Said to be joining the "Oracle of Omaha" in the effort is Dan Gilbert, the founder of Quicken Loans and the owner of the NBA's Cleveland Cavaliers.

Representatives for Buffett and Yahoo did not immediately respond to requests for comment.

Yahoo was once one of the brightest stars of the Internet. But mismanagement, a failed takeover bid by Microsoft a decade ago, and the changing ways of making money on the Web have gutted its business.

Yahoo CEO Marissa Mayer has been trying for five years to resuscitate the once mighty Internet media and search site. But in February, she unveiled her make or break plan for the company, including cutting 1,700 jobs. She also put out a call to would-be buyers, saying she and Yahoo's board are ready to "engage on qualified strategic proposals."

Among other companies reportedly exploring bids for Yahoo are Verizon and Alphabet, the parent company of Google.