Verizon and Google prepping bids for Yahoo

Verizon is reportedly planning to make a bid for Yahoo as soon as next week, with Google also in contention for a takeover. Bloomberg claims a handful of big-name companies are circling Yahoo’s business as it continues to spiral out of control. According to an earlier report from Re/Code, Yahoo’s revenue is expected to take a dive to $3.5 billion this year, down from $4.1 billion in 2015, with no signs of slowing.

Bloomberg’s report says Verizon and its subsidiary AOL are working with three financial advisors on the bid, signaling the telecom giant’s intent on making a serious offer. Verizon allegedly wants Yahoo’s core business, but is also willing to acquire the company’s Yahoo Japan stake, which could then be sold off.

If a bid is made, Verizon will be competing with the likes of Google, Time Inc., and a few private equity firms; AT&T, Comcast, and Microsoft are reportedly sitting this one out though Microsoft could provide funding. If a takeover does happen, Yahoo’s Marissa Mayer would be replaced with AOL CEO Tim Armstrong and Verizon’s executive vice president Marni Walden.

Re/Code added Yahoo’s current situation is so dire that one anonymous source described it as a “dilapidated house in Silicon Valley.”

The upshot is that there’s still hope to save it. First-round bids are due on April 11, Bloomberg said, so we should know more soon.