Verizon to Pay $350M Less for Yahoo After Privacy Breach
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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