Telecom giant Verizon is reportedly moderating the terms of its pending Yahoo acquisition following the two massive security breaches that have plagued the ailing internet giant, starting in 2013. Following this new deal, it is likely that Verizon will also share some legal burden with Yahoo over their security breaches, giving Yahoo some breathing space. Reuters reports that the final price reduction could in fact be as high as $350 million.
Bloomberg News reported the revised takeover deal, which was confirmed by CNBC.More news: This Chrissy Teigen & Adele Grammys Moment Is Why People Love Her
In September 2016, Yahoo announced that at least 500 million users were affected by a late 2014 cyber-hacking incident led by a "state-sponsored" actor.
Verizon wants to combine Yahoo's search, email and messenger assets, as well as advertising technology tools, with its AOL unit. That left Mayer, who will be stepping down from the board of the rebranded Altaba once the deal closes, with little to worry about except huge stakes in Chinese e-commerce behemoth Alibaba and Yahoo Japan. Yahoo shares popped more than 1% on the news, as investors express relief that the historic transaction will not fall apart completely. Verizon shares fell 0.7 percent to $47.96.More news: Thousands march in Mexico to demand respect, reject Trump
The reported renegotiations follow months of speculation on whether Verizon would attempt to either revise the deal or walk away from the purchase entirely. Yahoo didn't respond to an immediate request for comment. It was yet another bump in the rocky road for the company, which had failed in yet another turnaround attempt, this time by CEO Marissa Mayer.More news: Humana, Aetna kill merger deal