Apr 12, 2016 02:50 AM EDT

The Daily Mail Explores Bid To Acquire Yahoo By Private Equity Firms

Yahoo extended a submission proposal for potential bidders to acquire the Silicon Valley company. Today, the Daily Mail parent company based in the U.K is in talks to make its own bid for Yahoo with private equity firms.

According to TechCrunch, the Daily Mail & General Trust (DMGT) is in the early stages of discussing with many parties to explore a bid to acquire Yahoo by teaming up with private equity buyers. In a statement, DMGT shared, "Given the success of DailyMail.com and Elite Daily we have been in discussions with a number of parties who are potential bidders. Discussions are at a very early stage and that there is no certainty that any transaction will take place."

Daily Mail.com and Mail Online are both news websites based in London that focus on celebrity gossip. Initially the websites attracts 14 million readers a day globally, which makes it the world's most popular English language news site.

If the Daily Mail would actually make a bid, it will be exploring to take one of two forms, meaning the private equity partner would buy Yahoo's core web business, while the Daily Mail takes over the properties of the news and media, or the equity firm would acquire the core web business and combine the properties of the news and media into the online operation of the Daily Mail.

The combined units would form a new alliance that would be run by the Daily Mail while offering a larger equity stake by the parent company.

Yahoo has been long looking how to sell its core internet business since December. According to Re/code, Yahoo's financial situation isn't doing great, the company's revenue is showing a decrease close to 15% and over 20% of earnings. This is why some companies are now exploring the bid of Yahoo's assets to buy the troubled U.S internet pioneer and help boost its advertising revenues.

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