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Yahoo has put the IP squeeze on Facebook, slapping it with a patent lawsuit during the quiet period in the run up to the social network's IPO.

Yahoo Inc sued Facebook Inc on Monday over 10 patents that include methods and systems for advertising on the Web, according to a copy of the lawsuit.

Yahoo Inc and its Asian partners, China's Alibaba and Japan's Softbank Corp, have called off talks over a tax-free sale of the U.S. company's Asian assets, a source familiar with the situation told Reuters.

Yahoo will forge its future without Chairman Roy Bostock and three other board members, the struggling Internet company said.

Mr Yang founded the online company in 1995 with David Filo and was its chief executive from June 2007 until January 2009. His resignation comes two weeks after the company hired former PayPal executive Scott Thomson to be its new chief executive.

Yahoo Inc. has named Scott Thompson, president of eBay Inc.'s PayPal division, as its new CEO, the fourth one in less than five years for the struggling Internet company.

China's Alibaba Group has hired Washington lobbying firm Duberstein Group Inc as it eyes a possible deal with Internet giant Yahoo Inc.

Yahoo Inc is discussing a plan to slash its stakes in China's Alibaba Group and its Japanese affiliate as part of a complicated share transaction valued at roughly $17 billion, sources familiar with the matter said on Wednesday.

Competition's all relative. Yahoo, Microsoft and AOL all compete for ad dollars, but they all agree that marketers ought to put their budgets into premium content, not search or social.

Yahoo Inc is contemplating the sale of a minority stake to a private equity firm followed by a large share repurchase, in a bid to buy time to turn around the Internet company, people familiar with the matter said.