Time Inc is considering partnering with a private equity firm to finance a bid for Yahoos core business assets, as the publisher aims to expand its online and mobile presence and boost its digital advertising capabilities.

According to Reuters, which cites people familiar with the matter, Time held conversations with buyout firms before signing a non-disclosure agreement with Yahoo as part of the bidding process which forbids it from discussing the sale process with other potential buyers.

Yahoo has sent a letter out to various firms asking for all bids to be submitted by 11 April, just a week from today, but Time is reportedly hoping that Yahoo will allow companies to form consortia following this first round of applications. Time has not yet selected a private equity firm, and is apparently still in discussions with several potential partners.

Several private equity firms are believed to be weighing up bids for Yahoos assets, including Apax Partners, TPG Capital, Bain Capital and Blackstone Group. With Yahoos web business estimated to be worth several billions of dollars and Times market capitalisation just $1.6bn (£1.1bn), the company would need the help of another investor to make a serious bid.

Ever since it span off from parent company Time Warner in 2014, Time has been expanding its digital profile with a number of acquisitions, including Viant Technology, the owners of MySpace. Times chief executive Joe Ripp has been upfront about moving the company past its print roots and growing the digital profile of all its publications, which include People, Sports Illustrated and, of course, Time magazine.