Yahoo is in the process of auctioning off its search and advertising business.
The company may also proceed with a plan to spin off more than $30 billion in shares of Alibaba
Buffett had said in a CNBC interviewthat Yahoo's business had deteriorated significantly and that "something has to change there."
Their move follows an activist campaign by hedge fund Starboard Value LP, which is pushing Yahoo to consider a deal with AOL and unlock Yahoo's valuable stakes in Asian Web companies.
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