Report: Warren Buffett Part of Second-Round Bid for Yahoo

A potential problem for Verizon.

BerkshireHathawayLogoReuters reporters Michael Flaherty and Greg Roumeliotis got no immediate comment from Warrent Buffett and a decline to comment from reps for both Quicken Loans and Yahoo. But according their sources, the Berkshire Hathaway Inc. chairman is helping finance a bid by for Yahoo’s internet assets by a consortium that includes Quicken Loans founder and Cleveland Cavaliers owner Dan Gilbert.

From the pair’s exclusive report:

The consortium is in the second round of bidding in the auction for Yahoo’s assets, the people said. Buffett is helping finance the offer, one of the people added.

It is not clear whether Gilbert, a billionaire who also owns the U.S. basketball team Cleveland Cavaliers, is using Quicken Loans in any way as part of the consortium’s bid.

In April, Yahoo received 10 first-round bids. The Reuters reporters note that this consortium represents a real challenge to perceived frontrunner Verizon.

Read the full Reuters report here.