Verizon to Pay $350M Less for Yahoo After Privacy Breach
Feb 21, 2017, 8:15 AM by Eric M. Zeman
Verizon and Yahoo today said they've amended the terms of their acquisition, first announced in July 2016, which will see the sale price drop by $350 million. The deal has been in jeopardy since December when Yahoo disclosed a material security breach that impacted more than 1 billion users. According to Yahoo, an outside party was able to steal names, email addresses, phone numbers, dates of birth, hashed passwords, and some security questions/answers of users back in August 2013. Verizon had originally agreed to pay $4.8 billion for Yahoo's core internet business and customer base. The total sale price is now closer to $4.48 billion. Moreover, the two companies agreed to terms with respect to any investigations over Yahoo's security breaches. The remaining Yahoo business that exists after the transaction will be held accountable for 50% of any cash liabilities from non-SEC or third-party investigations and all the liabilities of SEC and shareholder lawsuits. "The amended terms of the agreement provide a fair and favorable outcome for shareholders. It provides protections for both sides and delivers a clear path to close the transaction in the second quarter," said Marni Walden, Verizon executive vice president and president of Product Innovation and New Businesses.
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