Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Verizon pushes for $1 billion discount on Yahoo deal: report
BackBack

Verizon pushes for $1 billion discount on Yahoo deal: report

Last month Yahoo said at least 500 million of its accounts were hacked in 2014, and the US senators accused Yahoo of unacceptable delay in discovering the hack

In July, Verizon agreed to buy Yahoo Inc’s core internet properties for $4.83 billion in cash. Photo: BloombergPremium
In July, Verizon agreed to buy Yahoo Inc’s core internet properties for $4.83 billion in cash. Photo: Bloomberg

New York: Verizon Communications is pressing for a $1 billion discount off its pending $4.8 billion agreement to buy Yahoo, the New York Post reported, citing people familiar with the matter.

The Yahoo deal team is pushing back hard against any attempts to negotiate the price down, the paper said.

Last month Yahoo said at least 500 million of its accounts were hacked in 2014, and in a statement Verizon said it had been made aware of the breach immediately but had limited information about the matter.

US senators accused Yahoo of “unacceptable" delay in discovering the hack and urged the US Securities and Exchange Commission to investigate whether Yahoo and its senior executives fulfilled obligations to inform investors and the public about the hacking attack.

Verizon and Yahoo both declined to comment.

In July, Verizon agreed to buy Yahoo Inc’s core internet properties for $4.83 billion in cash, setting the stage for a big new internet push by the telecom giant.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 07 Oct 2016, 03:14 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie