Verizon reportedly knocks $250 million off Yahoo's asking price
After the revelations, several top officials at Verizon said that the hacks would likely "materially" impact that deal and result in a lower acquisition price.
Internet group Yahoo has reportedly agreed a price cut on its initial $4.8bn (£3.86bn) sale to Verizon. While there was a lot of speculation about the attack and a lot of finger-pointing as well, there were reports that Verizon would seek a discount from Yahoo.
The expected price cut comes after Yahoo issued two disclosures about massive user-data breaches previous year - after Verizon had clinched the takeover deal. The deal also ensures that the leftovers of Yahoo's operations from the deal will be renamed Altaba Inc. and the combined company will have to deal with the legal responsibilities linked to the breaches.
Yahoo CEO Marissa Mayer has presided over a declining business.
Things soon started unraveling with the muddled disclosure of a Yahoo security breach dating back to 2014 in which information for at least 500 million accounts was compromised. This includes the recent reports that a 2013 hack had over a Billion users affected!
The original deal was expected to close in the first quarter of 2017.
Verizon is purchasing Yahoo for its media assets, including its sports and finance content which is still popular with millions of users today.
Yahoo shares were trading up 1.5 percent, to $45.72, in the wake of the report. 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.
The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by $0.03. Looking ahead, analysts on average predict that earnings for the current quarter would come in in the range of $0.95 to $1.05.
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Show proof of NH rig claim
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