The future of Yahoo remains an unknown quantity as the company continues to mull over buyout options from interested parties. As a result, the company even eschewed it’s normally flamboyant Newfronts presentation this year in favor of a private meeting with advertisers earlier this month. But bidding over the company’s assets may have accelerated this afternoon, as billionaire Warren Buffet has joined a consortium vying for Yahoo that includes Quicken Loans founder Dan Gilbert, Reuters is reporting. The consortium is now reportedly in the second round of bidding, with Buffet helping to finance its offer.
In April, Yahoo fended off a demand from investor Starboard Value to completely replace its board of directors by agreeing to add four new seats to the board. Starboard CEO Jeffrey Smith, former Tribune CEO Eddy Hartenstein, former Deutsche Bank Securities M&A specialist Tor Braham, and Tessera Technologies chairman Richard Hill were selected by Starboard for the new seats, with Smith joining Yahoo’s Strategic Review Committee that is weighing offers to buy all or part of the company.