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Yahoo and Time Warner's AOL unit are engaged in "meaningful" due diligence about a possible combination, but a deal is not imminent, a person familiar with the talks said on Wednesday.
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CNBC.com |
Talks between the two sides have advanced in the past "couple of weeks" and are currently focused on what a combined company might look like and where costs could be saved, said the source, who was not authorized to speak publicly because the discussions are confidential.
News of the due diligence between Yahoo [YHOO
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] was first reported by the AllThingsDigital blog.
Last week Yahoo reported a profit that declined from last year but matched analysts' expectations. The Internet advertising firm also lowered its revenue outlook and said it will cut 10 percent of its workforce. (Read story here)
Time Warner, meanwhile, reports its earnings Nov. 5.
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