Published: Thu, February 16, 2017
Markets | By Terence Owen

Hackers May Have Just Cost Yahoo $250 Million

Hackers May Have Just Cost Yahoo $250 Million

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.

Both companies say the revised takeover deal will include a provision that Verizon and Yahoo! share the liability for the legal fallout in the case. Bloomberg reported earlier today that the price cut for the Yahoo deal could be as low as $250 million. In September, it disclosed that 500 million accounts had been hacked in 2014.

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.

The updated Verizon and Yahoo deal will reportedly be discounted by almost $300 million.

Verizon declined to comment.

At the end of the year, the company revealed a separate hack in which data was stolen from 1 billion of its users' accounts.

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For its part, Yahoo said it has been working with the U.S. Federal Trade Commission and the Securities and Exchange Commission seeking information following the confirmation of the second breach.

CNBC has reached out to Yahoo for comment.

Yahoo CEO Marissa Mayer has presided over a declining business.

Yahoo shares were trading up 1.5 percent, to $45.72, in the wake of the report.

No matter what happens between now and whenever Verizon and Yahoo do eventually close their sale, one thing is certain: Mayer will not remain on Yahoo's board after the fact.

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