Yahoo's board is debating selling some of its core assets, CNBC learned Wednesday from sources close to the matter.
Shares of Yahoo were up more than 6 percent midmorning Wednesday. The Wall Street Journal originally reported the news on Tuesday regarding the tech company.
The board will meet Wednesday to review the plan for its spinoff of $32 billion in Alibaba shares and possibly debate selling Yahoo's core online businesses, the sources told CNBC. The board has received letters from multiple shareholders in recent days regarding the plan, CNBC has learned.
Shortly after the Journal report Tuesday, more than 300,000 Yahoo shares changed hands in after-hours trading, pushing the stock up 5.6 percent to $35.60.
Ivan Feinseth, chief investment officer of Tigress Financial Partners, told CNBC that if Yahoo was to sell its main growth operations — the mobile, video, native advertising and social media (Mavens) units — all that would remain would be the poorly performing Internet search business. Selling both Mavens and the search unit would mean "there would be nothing left of the company," he said.
"I don't know why anybody would want to buy a line of business that's in decline and has stiff competition from Google and Microsoft," Feinseth said, referring to the search and "paid click advertising" unit. Alibaba itself could be interesting in buying the Mavens business, he added.