On January 8, 2015, Starboard Value LP announced that it has delivered a letter to Yahoo! Inc. CEO Marissa Mayer and Yahoo's Board of Directors. In the letter, Starboard Value expressed concern over recent media reports that Yahoo!

may be contemplating a large-scale acquisition and reiterated that monetizing both of Yahoo!'s non-core minority equity investments in a tax-efficient manner must be management's number one priority. Further, Starboard Value added that it continues to believe that Yahoo! must significantly reduce costs to improve profitability and should explore a combination with AOL and urged Yahoo!

to announce without delay its intentions for monetizing the non-core minority equity investments and other actions to enhance shareholder value.