Verizon bought AOL for $4.4 billion in 2015. According to sources, the price for Yahoo will go down by about $250 million, or a little more than 5% of the original $4.8 billion price tag.
The news follows reports late previous year that Verizon was reconsidering the acquisition after a series of hacks at Yahoo. It has previously suffered an inquiry under federal investigators and lawmakers after surfacing what turned out to be one of the biggest data breach in the history.
Both companies say the revised takeover deal will include a provision that Verizon and Yahoo! share the liability for the legal fallout in the case.
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Verizon is reportedly close to cutting the price of its deal to buy Yahoo, signaling that they could complete the acquisition soon.
At the end of the year, the company revealed a separate hack in which data was stolen from 1 billion of its users' accounts.
But a series of cyber attacks that compromised more than a billion user accounts has led Verizon to reconsider how much it's willing to pay for the Sunnyvale, California, company's core Internet assets, including its search and e-mail features. Yahoo, which will be renamed Altaba Inc. after the deal closes, originally expected to wrap up the acquisition in the first quarter. Yahoo did not immediately have a comment. On news of the renegotiation, Yahoo's stock climbed 2 percent as Verizon's fell 0.7 percent. In fact, at one point the company was considered among the best in the business, something that only began to change when CEO Marissa Mayer made a decision to begin cutting security corners.