Canyon Capital Wants Yahoo To Move Fast

According to a report by Reuters, one of Yahoo! Inc. (NASDAQ: YHOO)'s largest shareholder, Canyon Capital, is pushing management to pick up its pace of its asset sales.

Yahoo said on February 19 that it remains "thoroughly committed" to exploring strategic alternatives, including the sale of its internet assets. However, Canyon Capital is concerned that management doesn't share the same sense of urgency to move quickly and divest its assets.

"We remain concerned that the process is not moving as quickly as it should, and that Company management does not fully support the Board's direction in this regard," Canyon Capital said in a letter addressed to Yahoo's board, CFO and CEO Marissa Mayer.

Reuters also noted that its sources said that Time Inc (NYSE: TIME) has been evaluating a bid for Yahoo's core business.

Shares of Yahoo were trading lower by around 2.3 percent at $29.94 after Wednesday's opening bell.