Warren Buffett is getting in the bidding war for Yahoo

Photo: Paul Morigi/Getty Images for Fortune/Time Inc.

Berkshire Hathaway’s billionaire CEO, Warren Buffett, and Quicken Loans founder Dan Gilbert are part of a group that’s bidding for Yahoo’s internet assets, according to Reuters on Friday.

The report said that Buffett is backing a group of investors that include Gilbert in the bidding war for Yahoo’s web assets, which include its search and news properties.

Yahoo and Berkshire Hathaway representatives were not immediately available for comment.

The company’s shares are up about 1.3% in after-hours trading.

Yahoo recently live-streamed Berkshire Hathaway’s famous annual shareholders meeting. It said that the live stream drew 1.8 million views.

The company is currently in the second round of bidding for its core internet assets. It’s been reported that Verizon and a number of private-equity firms, including TPG, have placed bids in the first round. Yahoo has not commented on the bidding process yet.

Wall Street analysts estimate Yahoo’s core value to be worth about $4 billion to $8 billion.

After seeing years of stagnant growth, Yahoo has been under pressure from activist investor Starboard Value to completely change management and sell its core internet business. Starboard recently reached a settlement to withdraw its proxy fight in exchange for getting four board seats at Yahoo.

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