Verizon is still interested in purchasing Yahoo’s core Internet business but not at the original price of $4.83 billion. In light of two major security breach disclosures in the past five months, Verizon was looking for a discount which has now been confirmed to be $350 million
Editor's note: Story was updated to reflect actual discount of $350 million, instead of the initial rumored $250 million.
Verizon and the entity that’ll remain of Yahoo (to be called Altaba) will share any ongoing legal responsibilities stemming from the security breaches. The new deal, which isn’t yet final and could still be changed, could be announced in the coming days or weeks according to the sources.
A Yahoo spokesperson declined to comment on the matter when asked by the publication.
Last September, Yahoo confirmed that at least 500 million accounts had been stolen during a security breach in late 2014 in what it said might have been a state-sponsored attack. A few months later in December, the Internet pioneer said that in August 2013, more than a billion user accounts consisting of names, e-mail addresses, phone numbers, dates of birth, hashed passwords and possibly unencrypted security questions were compromised.
Yahoo’s shares are up 1.18 percent on today’s news. Verizon, meanwhile, is trading down 0.69 percent as of writing.