A major Yahoo shareholder is urging the company to move quickly with auction

Thomson Reuters

Yahoo Inc. shareholder Canyon Capital urged the company to proceed quickly with the auction of its core business, citing concern that the Internet giant's management team does not share the sense of urgency held by the board of directors.

"We remain concerned that the process is not moving as quickly as it should, and that Company management does not fully support the Board's direction in this regard," said the letter, which was sent to Yahoo's board of directors, its chief financial officer, and CEO Marissa Mayer on Tuesday.

Yahoo did not immediately respond to a message seeking comment.

Yahoo officially launched the sale of its core business on Friday, a move that Canyon Capital and other shareholders, including activist Starboard Value, had been pushing for since late last year.

Starboard and others are pushing Yahoo to sell its core business as soon as possible rather than wait for a reverse spin-off that the company said could take at least a year to complete.

Despite the launch of the auction, Starboard is expected to continue its effort of nominating directors for Yahoo's board before the company's March 26 deadline, Reuters reported last Friday.

Time Inc, publisher of Sports Illustrated, People and Time magazines, has been exploring a bid for Yahoo's core business, a source familiar with the situation told Reuters on Tuesday.

Reporting by Michael Flaherty. Editing by Sandra Maler.

NOW WATCH: The 3 people Yahoo CEO Marissa Mayer leans on for advice