Verizon Revises Yahoo Takeover Terms, Cutting Price By $250M – Report

Yahoo shares jumped close to 2% this morning after Bloomberg reported that the sale of its assets to Verizon is on track with a tentative new agreement that lowers the telco’s price by $250 million.

The internet company said last month that it’s “working expeditiously to close the transaction as soon as practicable in Q2,” back from its original plan to wrap up the deal — originally pegged at $4.8 billion — by the end of March.

Verizon sought to cut the price after Yahoo disclosed that its services had been hacked over the last few years. It said in December that an “unauthorized third party” stole information from more than 1 billion accounts in 2013. In September, it disclosed that 500 million accounts had been hacked in 2014.

Verizon CFO Matt Ellis told analysts in January that it had “not reached any final conclusions yet” about whether it would go through with the deal under the original terms.

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