SAN FRANCISCO—Data breaches can be costly—in more ways than one.
Verizon Communications is cutting $350 million off its acquisition offer for Yahoo after Yahoo revealed a series of data breaches affecting more than a billion customers.
The deal is now worth $4.48 billion, down from the $4.83 billion Verizon first proposed last summer, numerous news outlets have reported.
The buyout includes Yahoo's core Internet businesses—news, sports, entertainment, finance and email—but excludes the company's stake in Chinese e-commerce giant Alibaba and certain company patents. The deal is expected to close in the second quarter of 2017.
The revised transaction terms call for Yahoo and Verizon to share equally any future legal costs resulting from the data breaches. Yahoo will be solely responsible for liabilities stemming from shareholder lawsuits and any investigations by securities regulators, CBS noted.
As CUToday.info has reported, in December Yahoo disclosed that the company was hacked for a second time, and that the breach may have resulted in the theft of data associated with more than one-billion user accounts. Yahoo reported that the latest hack took place in August 2013, and is separate from a 500-million-account breach the company disclosed in September.