(Reuters) -- Online search and advertising company Yahoo Inc.'s (YHOO.O) board plans to weigh the potential sale of its Internet business when it meets Wednesday through Friday, the Wall Street Journal reported on Tuesday.

The company's shares were up 5.2 percent at $35.45 in extended trading.

People familiar with the matter told the newspaper that the board was expected to discuss whether to proceed with a plan to spin off more than $30 billion in shares of Alibaba Holding Group Ltd. (BABA.N) or find a buyer for its core business of Web properties or both.

In November, activist investor Starboard Value LP asked Yahoo to drop plans to spin off its stake in Alibaba due to tax concerns, and instead urged the company to sell its core search and display advertising businesses.

Yahoo's core business could attract private equity firms, media and telecom companies as well as firms such as Softbank Group Corp (9984.T), analysts have said in the past.

Apart from its core Internet business, Yahoo's other emerging businesses include what its CEO Marissa Mayer calls Mavens -- mobile, video, native and social advertising.

(Reporting by Amrutha Penumudi in Bengaluru; Editing by Sandra Maler)