Yahoo's Security Incompetence Just Took $250 Million Off Verizon's Asking Price

Yahoo's Security Incompetence Just Took $250 Million Off Verizon's Asking Price

The country's largest wireless carrier announced past year it planned to acquire Yahoo's core business for $4.83 billion. Shortly after the two sides agreed to a price, Yahoo was rocked by two separate data breach scandals.

Verizon's (NYSE:VZ) discount on its $4.8B deal to acquire Yahoo (NASDAQ:YHOO) may amount to as much as $300M, according to reports.

After the first breach was revealed, sources said Verizon was going forgo any price reduction.

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Verizon hopes to combine Yahoo's search, email and messenger assets, as well as advertising technology tools, with its AOL unit, which Verizon bought in 2015 for $4.4 billion.

Verizon declined to comment. In September, Yahoo confirmed a 2014 security breach that impacted more than 500 million user accounts on its network. Yahoo did not immediately respond to a request for comment. It said in December that an "unauthorized third party" stole information from more than 1 billion accounts in 2013.

Verizon sees mobile video and advertising as new sources of revenue outside an overcrowded USA telecoms market. However, Yahoo has lagged Alibaba's performance over most of the past year as its transaction with Verizon was held up. It has previously suffered an inquiry under federal investigators and lawmakers after surfacing what turned out to be one of the biggest data breach in the history. Verizon and Yahoo are now deciding how each will share future liabilities for the cyber attacks.

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