Joanna Nolasco February 24, 2016
After years of struggling to appease shareholders amid its waning hold on market share, Yahoo (NASDAQ: YHOO) is getting closer to its own sale—either in whole or in part. The internet giant announced on Friday that its Board had formed a Strategic Review Committee of independent directors to explore proposed transactions from strategic and financial buyers; the Board has reportedly excluded management from this group due to potential interest from private equity firms. In tandem with this effort, Yahoo will continue to consider a reverse spinout to separate its interest in Alibaba (NYSE: BABA) from the company’s operating business.
Yahoo is said to be reaching out to possible corporate and PE buyers this week. Bain Capital, KKR and TPG are rumored to be interested in a deal, as are corporate acquirers Verizon (NYSE: VZ), Comcast (NASDAQ: CMCSA) and AT&T (NYSE: T). Yahoo’s share price closed at $31.17 on Monday, amounting to a market cap of over $29 billion.
If one of those PE shops seal a deal with Yahoo, it certainly wouldn’t be its first bet into a media company. In fact, KKR and TPG are a couple of the most active PE investors in the media sector since 2010, according to the PitchBook Platform.
Here are the top PE investors in media since 2010, along with their deal counts (including add-ons):
1. Providence Equity Partners (21)
2. KKR (17)
3. ABRY Partners (15)