The Basking Ridge, N.J. -based carrier is reportedly close to a revised deal that would lower the price for Yahoo by $250 million, Bloomberg reported Wednesday citing people familiar with the matter.
Verizon's original deal, agreed to back on July 25, has been under intense pressure since Yahoo revealed soon thereafter that it had been the victim of two separate and unprecedented data breaches.
In addition to the renegotiated price tag, both Verizon and Altaba, Inc., the remaining assets of Yahoo following the close of the acquisition, are expected to share any ongoing legal responsibilities related to the security breaches, the Bloomberg report said. In 2013 and 2014, at least 500 million Yahoo users may have had personal data such as email addresses and dates of birth stolen.
Earlier in 2016, Verizon announced that it was seeking to acquire Yahoo for $4.8 billion. Verizon has not disclosed sales for the entire year.
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We had a feeling that Yahoo's security woes might do something to the buyout offer Verizon put on the table, and today we're getting an idea of just how much of a hit Yahoo is going to take.
Yahoo! admitted in a pair of announcements previous year that hackers had broken into the web company's database of more a billion Yahoo! customers, swiping personal information and hashed passwords. Verizon has traded flatly since, down 0.6%. Yahoo didn't immediately responded to a request for comment.
Several reports in the U.S. said Yahoo has now accepted a price cut of up to $350m and agreed to share liability with Verizon for potential lawsuits.
Verizon officials declined to comment. In fact, at one point the company was considered among the best in the business, something that only began to change when CEO Marissa Mayer made a decision to begin cutting security corners. If Evita Breadsticks can sell her flaming pile for more than $4 billion, we will have to take back nearly everything we've ever said about her* before she takes a deserved senior role in the Mnuchin Treasury Department.