Report: Verizon gets cold feet on Yahoo acquisition after hack

Report: Verizon gets cold feet on Yahoo acquisition after hack
© Getty

Verizon is considering ways to back out of or lower the price of its planned purchase of Yahoo after the company disclosed that 1 billion of its users were hacked, Bloomberg reported Thursday.

A person familiar with the matter told Bloomberg that a group at Verizon is exploring ways to limit its exposure to any legal damages that may result from the newly disclosed hack. 

Verizon is reportedly considering either backing out of the $4.83 billion planned acquisition or lowering its price.

ADVERTISEMENT
News of the hack came Wednesday afternoon. Yahoo said the attack is separate from one that was disclosed in September that compromised 500 million accounts.

After the September hack disclosure, Verizon said it was reviewing its deal with Yahoo. The company essentially repeated that statement following news of the latest hack.

“As we’ve said all along, we will evaluate the situation as Yahoo continues its investigation," Verizon said in a statement. "We will review the impact of this new development before reaching any final conclusions.”