Warren Buffett Taking Part In Yahoo Bidding, Report Says

Berkshire Hathaway Inc. chairman Warren Buffett is part of a partnership that has reached the second round of bidding for the core assets of Yahoo Inc. , Reuters reported Friday afternoon based on anonymous sources. Yahoo is searching for a buyer for its core Internet business, and reportedly settled on 10 bidders in a first round of paring down last month. Reuters reported that Buffett was backing a consortium in the bidding that also includes Quicken Loans Inc. founder and Cleveland Cavaliers NBA franchise owner Dan Gilbert. Yahoo expects to fetch $4 billion to $8 billion for the core of the company, The Wall Street Journal has reported, which does not include the company's investment in Alibaba Group Holding Ltd. nor its part of Yahoo Japan. Yahoo shares gained 1% in late trading Friday after the report surfaced.