Midday Report: Verizon Revises Deal With Yahoo!; US Stocks at Records
Midday Report: Verizon Revises Deal With Yahoo!; US Stocks at Records
Yahoo shares up on report of new Verizon deal
16 February, 2017, 01:16
Bloomberg, which first reported news of the revised deal, said the price could be cut by about $300 million. The deal also ensures that the leftovers of Yahoo's operations from the deal will be renamed Altaba Inc. and the combined company will have to deal with the legal responsibilities linked to the breaches.
While a $250 million price drop may seem like a hard pill to swallow, it's likely better for Yahoo than having Verizon renege on the deal altogether, which briefly seemed like a possibility.
"Verizon Communications Inc.is close to a renegotiated deal for Yahoo!"
Yahoo had already admitted another breach in 2014 that had affected around half a billion users. Verizon plans to combine Yahoo with its AOL division, hoping to gain greater audience and digital advertising scale between the two once-powerhouse internet properties.
Verizon is nearing a new and discounted deal to purchase Yahoo.
Verizon declined to comment on the report Wednesday. But the deal was repeatedly delayed after revelations of record-breaking data breaches at Yahoo involving more than 1 billion accounts.
Sunnyvale, California-based Yahoo has been under scrutiny by federal investigators and lawmakers since disclosing the largest known data breach in history. Yahoo didn't respond to an immediate request for 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.
Shares of Yahoo were up almost 1.3% at $45.60 on Wednesday early afternoon on the reports, while Verizon dropped about 0.7% to $47.94.
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