In the formative years of the web, Yahoo was the biggest, richest internet upstart in Silicon Valley, and it incubated a generation of executives.

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The company has sent letters to a number of potential buyers for the patents, which date back to when the company was founded in 1996 and also include its original search technology.

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Bidders include frontrunner Verizon, inventor Dan Gilbert (backed by Warren Buffett), TPG, and a consortium that includes Bain Capital and former Yahoo CEO Ross Levinsohn.

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The deal had been in place for 15 years.

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Look back at over two decades of turmoil at a company that once sat atop the World Wed Web, and weep.

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Yahoo launched an auction of its core business in February after it shelved plans to spin off its stake in Chinese ecommerce giant Alibaba.

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Starboard, which owns an estimated 1.7 percent of Yahoo, said it would nominate nine candidates as possible replacements.

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Yahoo said earlier in the month it took a $230 million impairment charge related to Tumblr and was considering strategic alternatives for its core internet business.

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The move comes two days after Bloomberg reported activist investor Starboard Value LP was taking initial steps toward a potential proxy fight with Yahoo.

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The layoffs take effect April 11 and affected employees received 60-day advance notice of the move

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