Another activist investor pushes for Yahoo sale

The heat is intensifying on Yahoo! boss Marissa Mayer as a key investor warned the struggling tech giant not to delay a sale of its core Internet business.

Canyon Capital Advisors — a Los Angeles hedge fund founded by Joshua Friedman and Mitchell Julis — said in a Tuesday letter that it “remains concerned that the process is not moving as quickly as it should, and that management does not fully support the board’s direction in this regard.”

Despite shareholder pressure, the 40-year-old chief executive, according to some insiders, is displaying a reluctance to sell Yahoo!’s troubled Web portal as she continues to pursue a turnaround.

Last week, The Post reported that Mayer has been getting personal advice from veteran tech banker Frank Quattrone amid a widening disagreement with fellow board members on the issue.

On Friday, Yahoo! announced it had hired Goldman Sachs, JPMorgan and PJT Partners to explore a possible sale. Yahoo! didn’t mention Quattrone.

Verizon Communications, seen as a leading prospective bidder for Yahoo, was stonewalled in its efforts to initiate sale talks earlier this month, according to sources.

Other likely bidders include AT&T and Comcast, sources said.

“Recent news reports indicate that, while there have been numerous expressions of interest, lack of engagement on the part of the company has been a source of frustration to potential buyers,” Canyon Capital wrote in its letter, disclosed in a regulatory filing.

“While there obviously are complexities to any sales process, delay at this stage is unwarranted for any reason.”

A Yahoo! representative declined to comment late Tuesday.