The former chairman of the Fox Network was named to the board of Yahoo after it failed to reach a compromise with hedge fund Third Point, reports Bloomberg.

Peter Liguori is one of three independent directors tapped by the company for the board, the story reports.

Third Point is planning to wage a proxy fight to get its own slate of nominees elected, the report adds.

In addition to Liguori, Yahoo tapped American Express Chief Marketing Officer John Hayes and Thomas McInerney, who is departing as chief financial officer of IAC/InterActiveCorp, to its board, the story adds.

Third Point, which owns about 5.8% of Yahoo, said it was "disappointed" in Yahoo’s decision and would continue with its proxy fight.

“We have reconstituted the board of directors with the right mix of experience and expertise to help Yahoo build upon its very strong assets and brand base to take advantage of the opportunities ahead," Yahoo Chairman Roy Bostock said in a statement.