Home / News / Fast Tech / Hacking Revelations Drop Yahoo’s Price Tag By $250 Million in Verizon Deal
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Yahoo and Verizon are close to finalizing the terms of a renegotiated acquisition deal that would cut the internet company’s $4.8 billion price tag by around $250 million, Bloomberg reports. Verizon pushed for the price cut in the wake of last year’s revelations that Yahoo had been the victim of two massive security breaches that affected hundreds of millions of accounts.
News of the attacks– some of the largest security breaches in recent memory– delayed the sale, which had originally been scheduled to close in the first quarter of 2017, as Yahoo conducted internal investigations.
Now, Verizon and Yahoo are close to agreeing on a revised deal, the terms of which dictate that the two companies both bear the legal responsibility and costs of the data leaks. While the deal is still subject to revision, if approved, it would transfer core Yahoo assets– including its email service, Yahoo Finance, Fantasy Sports, search, and messenger– to Verizon, which seeks to branch out into mobile video and advertising for new revenue streams.