It appears that "Evita Breadsticks" is going the full Willy Loman.
While she's still trying to sell Yahoo's core business, Marissa Mayer is apparently first going to take a shot at making a tidy billion from some of its intellectual property.
Yahoo Inc. has kicked off an auction for a portfolio of about 3,000 patents expected to fetch more than $1 billion, according to people familiar with the matter.
In recent weeks, the internet company sent letters to a range of potential buyers for the patents, which date back to Yahoo’s initial public offering in 1996 and include its original search technology, one of the people said.
But if you're wondering whether a billion today will cost MM and Yahoo a billion if an when she finally sells the thing, well...
Verizon Communications Inc., seen as the leading contender, bid about $3 billion for the internet properties before the Monday deadline for second-round bids, a person familiar with the matter told The Wall Street Journal.
That figure may be lower than initial estimates on the value of Yahoo’s core business—which analysts said could fetch from $4 billion to $8 billion -- in part because Verizon isn't bidding on the bulk of Yahoo’s most valuable patents.
In April, Yahoo assigned 2,659 patents to a separate subsidiary called Excalibur IP LLC, according to a filing with the U.S. Patent and Trademark Office. That action, seen as a step toward a patent sale, occurred on the same day as the deadline for first-round bids in the auction for Yahoo’s core business.