Microsoft Corp is preparing a new bid for Yahoo Inc's search business and has approached other media companies about joining it in a deal that would effectively lead to Yahoo's breakup, the Wall Street Journal said.

Microsoft has already held talks with Time Warner Inc and News Corp, among others, the newspaper quoted people familiar with the discussions as saying.

The talks are preliminary and unlikely to result in a deal with Yahoo, the paper said.

Microsoft was not immediately available for comment.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Paul Bolding)