Business

Verizon Cools On Yahoo Purchase After Massive Hack

Left: [Shutterstock - Yuliya Evstratenko] Right: [Shutterstock - Ken Wolter]

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Eric Lieberman Deputy Editor
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Verizon is reportedly considering another price cut or a complete exit for its pending $4.83 billion purchase of Yahoo, following the latest cyber breach that affected around one billion accounts.

A Verizon team is reviewing the hacking incident, according to Bloomberg. It’s believed to have broken Yahoo’s previously owned record of the largest cyber theft ever.

Verizon agreed to acquire Yahoo in July, in what Forbes described as “the saddest $5 billion deal in tech history.”

At its peak, Yahoo was valued at $125 billion, but due to a number of blunders over the past several years (especially the most recent year) Yahoo’s stock and rank are plummeting. (RELATED: Marissa Mayer Got $365 Million Contract To Lose Yahoo Billions Of Dollars)

Shares for the tech company tumbled 6 percent Thursday after the gargantuan hack.

Verizon’s legal team is now evaluating the damage from the cyber attack, an anonymous person close to the situation told Bloomberg. The telecommunications company still considers a purchase a viable option, albeit at a further reduced rate, as is scrapping the acquisition altogether. (RELATED: Verizon CEO: Hillary Would Be Another 4 Years Of Obama)

Verizon wants to ensure that it doesn’t also obtain all of Yahoo’s legal issues that are likely to arise (or have already materialized) from the cyber theft. (RELATED: Yahoo’s Marissa Mayer Sued For Allegedly Firing Male Employees)

When The Daily Caller News Foundation reached out to Yahoo for comment, TheDCNF was referred to a statement CEO Marissa Mayer made on Q3 2016 (10/25) earnings.

“To that end, we take deep responsibility in protecting our users and the security of their information. We’re working hard to retain their trust and are heartened by their continued loyalty as seen in our user engagement trends,” the CEO stated at the time.

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