Yahoo! search business eyed by entrepreneur Chernin

The Yahoo! board’s deliberations over selling its media and search business have prompted possible interest from entrepreneur Peter Chernin, sources say.

Chernin is a Twitter board member and has a joint venture with AT&T to build assets in streaming video. Telecom firm AT&T watched its rival Verizon scoop up Web utility AOL recently.

“Peter has been having conversations about it,” a source close to talks revealed.

Verizon and Japan-based SoftBank have been mentioned by the Wall Street Journal as potential buyers. SoftBank, however, appears to have little interest in a bid, according to sources.

Private equity firms including TPG are also poking around should the Internet business come up for bid.

Analysts have tagged Yahoo!’s Web businesses with a $3.9 billion valuation.

The Internet mainstay has increased spending on rights to TV shows such as “Community,” and on hiring media talent like Katie Couric, and earlier this year ponied up for streaming rights of an NFL game played overseas.

Ad-technology investor Dave Morgan, chief executive of Simulmedia, suggested declining tech valuations may be hastening the the Yahoo! board.

“Everybody anticipates rough waves are coming,” Morgan said.