Mar 07, 2016 08:46 AM EST

Yahoo Mulls Sale of Non-Core Assets Worth $1-$3 Billion

Yahoo Inc. is thinking of selling from $1 billion to $3 billion of its "non-core assets," patents and property, said Ken Goldman, Chief Financial Officer on Thursday.

The search giant CFO informed the Morgan Stanley Technology, Media and Telecom Conference that it has created a committee to explore the possibilities of spinning off its core business and is also seeking quick sales of its assets.

According to Goldman, "non-core units or business," property, land and patents are being offered for sale. To date, Yahoo Inc. has sold or licensed over $600 million in patents for the last three years.

This announcement came at a time when Yahoo's investors and shareholders are insisting that the internet giant sell its core business instead of spinning off its operations which could result in the separation of the company from its multi-billion dollar stakes in Alibaba Holding Ltd. and Yahoo Japan.

While Goldman is looking to sell its non-core units, Marissa Mayer, Yahoo CEO, is seeking to sell the company's core business as a complete "Package Deal." In this arrangement, the internet search giant will spin off its core business but Mayer will keep her post as the CEO.

With the news coming out, several offers were received by the internet giant coming from over 40 potential buyers. Frank Quattrone, a noted banker, is reportedly working on a possible Yahoo spin off deal.

There are other media reports which say that Verizon Communications Inc., Time Inc., as well as other companies have surfaced as potential buyers.

Goldman also dismissed reports that there is turmoil between Yahoo Management and Mayer claiming that the firm will make the decision in consideration of the best interest of its shareholders.

The search giant has also previously announced that it will cut its labor force by 10 percent in January. These recent developments revealed that the company is not really sure whether to spin-off or sell its core business.

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