Verizon is asking for a $1 billion discount on the Yahoo acquisition deal after learning about the massive data breach last month even though the deal was closed at $4.8 billion .
The issue began earlier this week when the secret Foreign Intelligence Surveillance Court ordered to scan the emails for terrorist signatures. And last month, the company disclosed that hackers swiped personal information associated with at least a half billion Yahoo accounts, marking the biggest data breach in history.
Verizon had plans of buying Yahoo with an intention of merging with AOL – the subsidiary of Verizon and to become the third largest digital media hub after Google and Facebook. Hence, it was Tim Armstrong, the CEO of AOL ( American multinational mass media corporation based in New York, a subsidiary of Verizon Communications) who got the cold feet after hearing the legal actions. He is even questioning if there’s a way to pull out of the deal entirely. Verizon is totally upset regarding Yahoo’s lack of disclosures.
“A deal is a deal” – says Yahoo’s deal team and has been pushing back against negotiation attempts.
Unfortunately, hope seems to be in short supply at this moment. Still, we can wait until the next Yahoo board meeting meanwhile, both the sides would talk things over.
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