Billionaire investor Warren Buffett is getting in the bidding war for Yahoo

Warren BuffettBillionaire investor Warren Buffett speaks at an event called, 'Detroit Homecoming' September 18, 2014 in Detroit, Michigan.Bill Pugliano/Getty Images

Berkshire Hathaway's billionaire CEO Warren Buffet and Quicken Loans founder Dan Gilbert are part of a group that's bidding for Yahoo's internet assets, according to Reuters on Friday.

The report said that Buffett is backing a group of investors that include Gilbert in the bidding war for Yahoo's web assets, which include its search and news properties.

Yahoo and Berkshire Hathaway representatives were not immediately available for comment.

Yahoo shares are up about 1.3% in after hours trading.

Yahoo recently live streamed Berkshire Hathaway's famous annual shareholders meeting. It said the live stream drew 1.8 million views in total.

Yahoo is currently in the second round of bidding for its core internet assets. It's been reported that Verizon and a number of private equity firms, including TPG, have placed bids in the first round. Yahoo has not commented on the bidding process yet. Wall Street analysts estimate Yahoo's core value to be worth around $4 billion to $8 billion.

After seeing years of stagnant growth, Yahoo has been under pressure from activist investor Starbaord Value to completely change management and sell its core internet business. Starboard Value's CEO Jeffrey Smith recently reached a settlement to withdraw his proxy fight in exchange for getting 4 board seats at Yahoo.

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