Verizon is reportedly close to a revised deal that cuts Yahoo’s price by about $250 million
The deal cuts Yahoo’s price by about $250 million, according to the report.
Verizon was said to have reconsidered the $4.8 billion deal in December after Yahoo announced that 1 billion account credentials had been stolen as far back as 2013. Both companies will reportedly share legal responsibility for the hack.
Yahoo had aimed to close the deal by the end of Q1, but the terms of the transaction state that the parties have until April 24 to close the deal. After April 24, either party can terminate the deal or seek a 3-month extension. If it falls through, Yahoo is subject to a $144.8 million termination fee.
Yahoo shares gained nearly 2% in trading after the news crossed. Verizon declined to comment, while Yahoo did not immediately respond to a request.