The price Verizon will pay for Yahoo dropped this week as the two companies confirmed that each has agreed to a $350 million price cut, bringing the value of the deal down to $4.48 billion.
News of the revised deal follows last fall's revelations that Yahoo's network suffered two massive security breaches in 2013 and 2014 - putting hundreds of millions user accounts at risk. It has been reported that in the attacks, cyber criminals gained access to user information, including e-mail addresses, birthdays, and scrambled passwords.
Security analysts are calling the 2013 attack the largest hack to date.
CRNtv sat down with Senior Associate Editor Gina Narcisi to discuss the details of the new deal, which has Verizon buying Yahoo's assets at $4.48 billion. This purchase price is down from its original price tag of $4.8 billion.
Both Verizon and Yahoo plan to split cash liabilities related to the government investigations surrounding the two major security breaches.
With the purchase, Verizon will gain access to Yahoo’s many internet assets and help Verizon move into the digital advertising and mobile content space. These include Flickr, Tumblr, Yahoo Finance, Yahoo Mail, and Yahoo Sports.
The deal is expected to close officially in Q2 of 2017.