Verizon cuts $350M from its acquisition price of Yahoo after data breaches

  |   Tech News

The deal between Yahoo and Verizon was first reached in July of last year, but progress on the acquisition has moving forward at a slow pace due to two data breaches that have plagued Yahoo over the last six months.

Verizon and Yahoo signed the deal on Sunday evening after weeks of talks that included calls with Yahoo CEO Marissa Mayer and a meeting between Verizon CEO Lowell McAdam and Yahoo director Tom McInerney in New York earlier this month to agree on the amount of the price reduction, a person involved in the talks said.

Under the new terms, Yahoo remains responsible for liabilities from shareholder lawsuits and SEC ingestions due to the data breaches, while the two companies will split cash liabilities related to "some government investigations and third-party litigation."

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