News
Auction reportedly expected to raise more than $1 billion for beleaguered Internet company.
Yahoo has begun auctioning its 3,000-strong patent portfolio, and is expected to garner bids in excess of US$1 billion (€879.43 million).
The Wall Street Journal reported late on Tuesday that Yahoo has set a mid-June deadline for preliminary bids, and has sounded out potential buyers. It has hired patent-sale specialist Black Stone IP to run the auction.
"This represents a unique opportunity for companies operating in the Internet industry to acquire some of the most pioneering and foundational patents related to Web search and advertising," said Yahoo, in the report.
Indeed, Yahoo’s original search technology is understood to be among the patents that will go under the hammer.
News of the auction emerged a day after Verizon reportedly made a second-round bid of $3 billion for Yahoo’s Internet business. According to an earlier WSJ report, the U.S. telco is not interested in acquiring Yahoo’s patents.
Verizon is seen as the frontrunner in the race for Yahoo; however, it is said to face competition from private equity firms, including TPG, and from rival operator AT&T.
