Icahn Moves to Unseat Yahoo's Board

The drama surrounding the future of Yahoo continues. Billionaire investor Carl Icahn is launching a proxy contest to unseat Yahoo Inc.'s board of directors, the Wall Street Journal reported late Wednesday, citing "a person close to the matter." The move is aimed at pressuring Yahoo (YHOO) to reach out to Microsoft Corp. (MSFT) to re-start sale discussions. Icahn plans to nominate 10 directors to replace Yahoo's board before a deadline Thursday, the Journal said. Icahn's nominees will reportedly include former Viacom Inc. Chief Executive Frank Biondi, who has worked with Icahn on other proxy fights.

See additional analysis at Reuters and Silicon Alley Insider.