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Verizon angling to lower price of Yahoo purchase: report

Verizon angling to lower price of Yahoo purchase: report
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Verizon Communications Inc. is reportedly renegotiating the terms of its acquisition of Yahoo Inc., knocking $250 million off its previous offer of $4.8 billion.

Two massive Yahoo security breaches that came to light in 2016 spurred Verizon’s move, reports Bloomberg. According to its report, sources say both companies are expected to share legal culpability related to the breaches.

Those sources told Bloomberg that an official announcement of the new deal is expected within the next several weeks.

In September, Yahoo revealed a breach in which 500 million of its accounts had been compromised.

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At the end of the year, the company revealed a separate hack in which data was stolen from 1 billion of its users’ accounts. As with the first hack, stolen information included names, email addresses, telephone numbers, dates of birth, scrambled passwords and, in some cases, encrypted or unencrypted security questions and answers.

Earlier in 2016, Verizon announced that it was seeking to acquire Yahoo for $4.8 billion. After the revelations, several top officials at Verizon said that the hacks would likely “materially” impact that deal and result in a lower acquisition price.

Pressure is mounting from lawmakers on Capitol Hill to get answers from Yahoo on the security breaches. Last week, Sens. John ThuneJohn Randolph ThuneOvernight Tech: Uber exec says 'no justification' for covering up hack | Apple considers battery rebates | Regulators talk bitcoin | SpaceX launches world's most powerful rocket Apple tells senator it may give rebates to consumers who bought iPhone batteries Republican agenda clouded by division MORE (R-S.D.), chairman of the Senate Commerce Committee, and Jerry MoranGerald (Jerry) MoranUber: 'No justification' for covering up data breach Overnight Tech: Senators want probe of company selling fake Twitter followers | Google parent made over 0B in 2017 | House chair threatens to subpoena DHS over Kaspersky Overnight Regulation: Labor Department reportedly hid unfavorable report on tip-pooling rule | NY plans to sue EPA over water rule | Senators urge FTC to probe company selling fake Twitter followers MORE (R-Kan.), chairman of the panel's consumer protection and data security subcommittee, penned a letter to Yahoo CEO Marissa Mayer demanding not-yet-released details on the breaches.

After the first breach, Sen. Patrick LeahyPatrick Joseph LeahyCoalition of 44 groups calls for passage of drug pricing bill A pro-science approach to Yucca Mountain appropriations Senate Dems: Trump making negotiations 'impossible' MORE (D-Vt.), the ranking member on the Judiciary Committee, called for a hearing. No congressional hearings on the matter have been announced, however.