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Verizon Benefits from Yahoo! Hacks – Saves $350 Million on Purchase Price

Verizon Benefits from Yahoo! Hacks – Saves $350 Million on Purchase Price

Verizon Communications Inc. has successfully renegotiated a deal to buy Yahoo! Inc. The wireless carrier was able to knock $350 million off the original $4.8 billion price of the deal, due to Yahoo’s revelations of security breaches.

Verizon Benefits from Yahoo! Hacks - Saves $350 Million on Purchase Price

Citing the ever-popular “person familiar with the matter,” Bloomberg reports Verizon and the entity that remains of Yahoo after the deal, to be renamed Altaba Inc., will share any ongoing legal responsibilities related to the breaches, said the person, who asked not to be identified discussing private information.

Deal to be Announced This Morning

The two companies are expected to announce the renegotiated deal this morning, and the deal is expected to close in the second quarter, says the report.

Yahoo last week warned its users about malicious hacks that are linked to a third data breach the company announced last year. The hacks were said to have been pulled off via “forged” cookies, text files used to give website users access to login information without the need to re-enter it. It was the third such breach announced by Yahoo in the last year.

SEC Investigating Yahoo

The Securities and Exchange Commission is currently investigating Yahoo over its failure to disclose the massive data breaches sooner than it did.

Senator Mark Warner had requested that the SEC investigate what Yahoo knew about the breach, and when it learned about it, saying: “Yahoo’s September filing asserting lack of knowledge of security incidents involving its IT systems creates serious concerns about truthfulness in representations to the public.”

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