The Yahoo headquarters in Sunnyvale, California.

News Corp Chairman Rupert Murdoch speaks at the Web 2.0 summit in San Francisco, California, October 17, 2007.

BEIJING, Feb.14 (Xinhuanet) -- Yahoo is discussing a possible partnership with News Corp. in its latest effort to repel Microsoft Corp.'s takeover bid, media reported Thursday.

The specifics of the proposed joint venture haven't been worked out, according to the report.

News Corp. is interested in folding its popular online social network, MySpace.com, and other Internet assets into Yahoo -- an idea that first came up last year.

News Corp. and a private equity firm reportedly would buy significant stakes in Yahoo as part of a complex deal designed to boost the Sunnyvale-based company's market value above Microsoft's initial bid of 44.6 billion U.S. dollars, or 31 dollars per share.

A Yahoo spokesman said the company continues to "carefully and thoroughly" evaluate alternatives that will enrich its long-term shareholders.

Microsoft announced an unexpected 44.6-billion-dollar bid for Yahoo Friday, as a latest move by the software giant to challenge Google's dominance of the lucrative online search and advertising markets.

Yahoo rejected Microsoft's offer Monday, insisting that its Internet franchise is worth more money. Microsoft has held firm so far, calling its original offer "full and fair" while threatening to launch a hostile takeover attempt.

"What's unclear now is whether Yahoo is just trying to get a higher offer or if the company really doesn't want to sell to Microsoft," said Peter Falvey, a technology investment banker with Revolution Partners.