The wireless carrier agreed to buy Yahoo for nearly $4.5 billion, chopping off $350 million from the original deal because of economic damage the Internet pioneer suffered from data breaches. Fred Katayama reports.
Verizon's getting a better deal for Yahoo. The big wireless carrier agreed to buy Yahoo's core Internet business for nearly $4.5 billion, chopping off $350 million from the original price agreed to in July. The new price reflects the economic damage Yahoo suffered from two cyber attacks. Yahoo disclosed those breaches months after it had signed a deal to be bought by Verizon. The remaining part of Yahoo will split costs from the breaches with Verizon, and it'll assume liability for government probes and lawsuits related to the hacks. Verizon sought to buy Yahoo so it can compete for digital advertising with Google and Facebook. It'll get access to Yahoo's email, search and website businesses such as news and sports. It already owns Yahoo's former rival, AOL. Both stocks rose slightly at the start of trading.