Verizon to Reportedly Cut Yahoo Price Tag by Up to $350 Million

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According to a Bloomberg report, Verizon Communications, which previously agreed to pay $4.8 billion for the tech giant, has now renegotiated the price as a result of the highly publicized hacks that rocked Yahoo late past year.

Bloomberg reported the lower offer this morning, additionally claiming that both parties in the deal are expected to share legal responsibilities related to the cyber breaches.

Yahoo had already admitted another breach in 2014 that had affected around half a billion users.

Verizon announced its intention to acquire Yahoo's internet properties a year ago for $4.8 billion. That left Mayer, who will be stepping down from the board of the rebranded Altaba once the deal closes, with little to worry about except huge stakes in Chinese e-commerce behemoth Alibaba and Yahoo Japan. The December disclosure concerned account details of a billion users and occurred in August 2013.

Verizon first announced the deal to buy Yahoo's core internet business in July 2016, but after discovering the first hack, the company said it was reconsidering the terms.

Verizon declined to comment on the report Wednesday. The company's stock jumped almost 3 percent on the news.

No matter what happens between now and whenever Verizon and Yahoo do eventually close their sale, one thing is certain: Mayer will not remain on Yahoo's board after the fact. Yahoo didn't respond to an immediate request for comment.

Yahoo's security breaches are costing the company a cool quarter of a billion dollars. In the wake of the reported renegotiated deal, which Yahoo last month said would be delayed until the second quarter, the two companies stocks have gone in different directions.

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