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 a year ago.
Verizon will savagely slash its acquisition offer for hacker-ransacked Yahoo! by, wait a minute, just 5.2 per cent, it is claimed. Even the higher estimates-Reuters reported the figure could be as much as $350 million-are pretty paltry.
Verizon is reportedly close to cutting the price of its deal to buy Yahoo, signaling that they could complete the acquisition soon.
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But a series of cyber attacks that compromised more than a billion user accounts has led Verizon to reconsider how much it's willing to pay for the Sunnyvale, California, company's core Internet assets, including its search and e-mail features. Verizon bought AOL for $4.4 billion in 2015. However, Yahoo has lagged Alibaba's performance over most of the past year as its transaction with Verizon was held up. Verizon shares fell 0.7 percent to $47.96.
The updated Verizon and Yahoo deal will reportedly be discounted by almost $300 million.
Verizon hasn't closed its investigation of the breaches and declined to comment on the reports of a discounted Yahoo deal when reached by CRN. Verizon didn't comment on the report. Yahoo! said on 23 January that, following the leak disclosures, it would now take up to the second quarter for things to be finalised. It was yet another bump in the rocky road for the company, which had failed in yet another turnaround attempt, this time by CEO Marissa Mayer.