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Yahoo said it would appoint three new independent directors to its board in April, as the Internet company aims to complete an overhaul of its board and leadership while avoiding a proxy fight with an unhappy large shareholder.

Facebook has purchased hundreds of IBM patents in a bid to bolster its intellectual-property standing as it squares off against Yahoo in a high-profile infringement lawsuit.

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’s new CEO Scott Thompson is preparing a massive restructuring of the Internet search firm, including layoffs that are likely to number in the thousands, according to a report.

Yahoo has demanded licensing fees from Facebook for use of its technology, the companies said on Monday, potentially engulfing social media in the patent battles and lawsuits raging across much of the tech sector.

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.

Tom Hanks' long gestating Web series is coming to Yahoo. "Electric City," an animated futuristic series Hanks has been developing for years, will premiere on Yahoo this spring.