Verizon Communications Inc.is reportedly renegotiating the terms of its acquisition of Yahoo Inc., knocking $250 million off its previous offer of $4.8 billion. Both parties, Bloomberg reports, would share in legal responsibilities pertaining to the data breaches, which both occurred during C.E.O. According to a new report, Verizon wants to shave off $250 million from the original deal.
Sources said the deal is now likely to close by April, the time frame Yahoo had announced recently. In September, Yahoo disclosed a 2014 hack that compromised 500 million user accounts.
That's because shortly before the hacks were made public, Verizon had agreed to buy Yahoo's Internet assets for $4.8 billion. Verizon has not disclosed sales for the entire year.
Following reports of a revised deal, Yahoo's stock jumped $0.57 (1.27%) to $45.59 early Wednesday afternoon, while Verizon slipped down $0.30 (0.61%) to $47.98. The Securities and Exchange Commission is investigating the breaches and their disclosures, Yahoo said in a filing in January.
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Toledo is a visiting professor at Stanford University, near San Francisco, where he graduated with a PhD in economics. The current president of Peru, Pedro Pablo Kuczynski, who served under Toledo has urged him to return home.
Then, in December 2016, Yahoo announced a separate, even more massive breach of user data.
Verizon officials declined to comment.
Verizon hopes that its new acquisition will help it move outside its traditional telecommunications role and into the mobile media and advertising world, while Yahoo simply seems eager for some relief from it's many problems. Yahoo didn't immediately responded to a request for comment.
Yahoo CEO Marissa Mayer has presided over a declining business.
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