Yahoo on Friday laid out additional plans to revive the company, with the Board of Directors forming a Strategic Review Committee of independent directors to lead the effort.
The company has pulled in Goldman Sachs & Co., J.P. Morgan and PJT Partners as financial advisers, which will reach out with "potentially interested" strategic and financial partners.
Yahoo also stated that it would separate its stake in Chinese e-commerce giant Alibaba Group Holding to "improve shareholder value." In December, the company said it would not move forward with spinning off its stake in Alibaba due to potential tax complications.
When Yahoo announced earnings in early February, it detailed a move that would close businesses and online magazines to concentrate on core offerings, such as search, mail, social, video, mobile and several verticals in select geographic locations.
Earlier this week, layoffs came from Yahoo's media unit in California and New York as the company shuttered the digital magazines Yahoo Food, Yahoo Auto, Yahoo Makers, Yahoo Real Estate, Yahoo Health, and Yahoo Parenting. The Tech channel will fold into the News site.
Amid the turmoil, the latest news comes during the company's annual conference in San Francisco, where Yahoo CEO Marissa Mayer Thursday delivered opening remarks, focusing on mobile, one of a handful of core offerings.
She tried to persuade an auditorium full of programmers and advertising partners that Yahoo will grow into an increasingly important player in the mobile market.