Date: Wednesday, February 22nd, 2017, 05:01
Category: Finance, Hack, Legal, News, wireless
Verizon was able to save even more money following Yahoo’s email hacks.
The telecommunications company announced a deal to buy the core business of Yahoo for $4.48 billion —managing to secure a $350 million discount it was pursuing because of two major security breaches, the last of which affected over 1 billion accounts.
The deal states that both Yahoo and Verizon will share some liabilities following the 2013 and 2014 hacks. The companies will split cash liabilities linked to some lawsuits and government investigations, but Yahoo alone will be saddled with some liabilities from shareholder lawsuits and U.S. Securities and Exchange Commission investigations.
The acquisition is expected to close in the second quarter, pending government approval.
Verizon presently owns AOL, the Yahoo acquisition giving AOL a new user base that can be targeted for advertising. Verizon is also expected to merge Yahoo’s ad tech, email, search, and messenger assets with AOL.
Stay tuned for additional details as they become available.