Verizon wants to drop their buy price of Yahoo by $1 billion following scandal

Verizon wants to drop their buy price of Yahoo by $1 billion following scandal
Over the summer, Verizon agreed to acquire struggling web pioneer Yahoo for $4.8 billion but a new report claims that Verizon wants a hefty discount following Yahoo's most recent hacking scandal.

According to the NYPost, AOL CEO Tim Armstrong could be "getting cold feet" and is "pretty upset about the lack of disclosure and he's saying can we get out of this or can we reduce the price?" Armstrong runs the Verizon division that would control Yahoo.



Yahoo is currently under attack by consumers and U.S. officials following two scandals. The company recently announced that hackers accessed over 500 million accounts, stealing passwords and personal information and the SEC is likely to open an investigation into the company's lack of disclosures. In addition, there have been reports that Yahoo allowed the NSA and FBI to scan hundreds of millions of emails secretly, causing an outrage for consumers.

It is unclear if Verizon has any recourse to drop the price or cancel the deal, but if Yahoo did not disclose these scandals to Verizon, it is hard to imagine the acquirer is happy.

Source:
NYP via VB


Written by: Andre Yoskowitz @ 6 Oct 2016 23:50
Tags
Verizon Yahoo
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  • 2 comments
  • KillerBug

    RFOL...yeah, verizon wouldn't want to get a bad name or anything!

    Considering one of their main reasons for buying Yahoo was to get their mailing list, Yahoo should be worth more now...the government and hackers around the world are now included in that list!

    8.10.2016 09:10 #1

  • Tarsellis

    They gunna drop my bill by 25%?

    Just a hypothetical question, I dropped these lying sacks of crap many years ago and wouldn't have their service on principal alone.

    10.10.2016 09:10 #2

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