It’s no secret that Yahoo is struggling to maintain its position, it no longer dominates the online landscape as it did a few years ago, and the company is now open to the possibility of selling core businesses. According to a new report Time Inc, the publisher of People and Time magazine, might acquire Yahoo’s core online businesses which include Yahoo Mail, Search and News.

It has only been a week since Yahoo announced that it’s open to selling its core business which includes mail, search and news. Bloomberg reports that Time Inc has been given a presentation by Citigroup banks on considering a deal with Yahoo, the report mentions that Citigroup hasn’t been retained by Time as yet.

If Time goes through with this it might consider a Reverse Morris Trust transaction which is a tax-free deal in which one company is merged with a spun-off unit. It’s also mentioned in the report that should this deal go through Yahoo CEO Marissa Mayer will not be a part of the company formed following the deal.

There has been no official comment on this yet by Time or Yahoo for that matter so it could be a while before some official details are provided on this. Other reports suggest that Verizon, which owns AOL, is likely to throw its hat into the ring for Yahoo’s core business as well.

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