Yahoo shares jumped close to 2% this morning after Bloomberg reported that the sale of its assets to Verizon is on track with a tentative new agreement that lowers the telco's price by $250 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.
As noted previously, Verizon had been using the scandal to drive down the $4.8 billion asking price, reports stating that Verizon was demanding not only a $1 billion reduction in the price, but another $1 billion to cover the inevitable lawsuits by Yahoo customers.
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Yahoo had already admitted another breach in 2014 that had affected around half a billion users.
In an effort to add online value to its increasingly commoditized telecommunications business, Verizon acquired onetime internet darling AOL and last July agreed to buy Yahoo's advertising and search businesses for $4.8 billion.
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We need to keep pushing ourselves and make sure we turn it around quicker rather than later. I wore it in France when I was on loan at Sochaux, " said Ayew.
It was extensive hacking, first reported by Recode late a year ago, that caused a snag in the closing of the deal for the telco giant to buy Yahoo. The December disclosure concerned account details of a billion users and occurred in August 2013. YHOO, +1.49% are near a revised transaction that would reduce the price Verizon would pay for the internet company's core business by about $300 million, a person familiar with the matter said. Verizon has traded flatly since, down 0.6%.
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 did not immediately respond to a request for comment.
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Yahoo Chief Executive Marissa Mayer may soon be breathing a sigh of relief.