Verizon will pay $350 million less for Yahoo2017-02-21 14:56 by Daniela
Tags: Verizon, Yahoo
Verizon Communications Inc. will buy Yahoo! with a $350 million discount after revelations of security breaches at the web company.
The two companies have also agreed to share legal and regulatory liabilities after the two massive data breaches at Yahoo, one estimated to cover around 500 million accounts revealed in September 2016, and another disclosed in December 2016 affecting over 1 billion accounts.
In July 2016, Verizon agreed to pay $4.8 billion for Yahoo's Internet business, which includes Yahoo Mail, Flickr, Tumblr and Web properties such as Yahoo Finance and Yahoo Sports. Yahoo disclosed that it had suffered two massive data breaches.
"We have always believed this acquisition makes strategic sense. We look forward to moving ahead expeditiously so that we can quickly welcome Yahoo's tremendous talent and assets into our expanding portfolio in the digital advertising space," said Marni Walden, Verizon's executive vice president and president of new business, said in a statement. "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."
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