Activist Investor Calls on Yelp to Explore Sale

Activist investor TCS Capital Management has built a stake in Yelp YELP -0.32%decrease; red down pointing triangle and is calling on the service-recommendation site to explore strategic alternatives including a sale, according to people familiar with the matter.

TCS Capital owns more than 4% of the shares outstanding of Yelp’s common stock, making it one of the company’s five biggest shareholders, the people said. TCS Capital has been an investor in Yelp for most of the past five years, but the stake hasn’t been revealed publicly before.