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Verizon wants $1B discount on Yahoo deal after reports of hacking, spying

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Posted · Original PosterOP

Original Post from New York Post: http://nypost.com/2016/10/06/verizon-wants-1b-discount-on-yahoo-deal-after-hacking-reports/

Previously from Reuters: http://www.reuters.com/article/us-yahoo-nsa-exclusive-idUSKCN1241YT

 

Quote

Verizon is pushing for a $1 billion discount off its pending $4.8 billion agreement to buy Yahoo, several sources told The Post exclusively.

The request comes on the heels of the web giant getting bludgeoned by bad news in the past few days.

Yahoo revealed two weeks ago that it had been hacked in 2014 and that users names and passwords for 500 million accounts were swiped.

Quote

Yahoo is telling Verizon that a deal is a deal and that telecom giant has no legal recourse to change the terms. Yahoo’s next board meeting is in two weeks but the two parties are continuing discussions.

The setbacks, however, aren’t helping AOL, which hasn’t completed integrating itself with Verizon, which acquired it 16 months ago for $4.4 billion.

Armstrong’s push for a $1 billion discount on the price is, one person told The Post, on top of a $1 billion reserve that Verizon may set aside to fund possible liabilities associated with the Yahoo email hack.

“They’re being cautious because they don’t know what they’re going to find,” the person said.

Former acting CEO Ross Levinsohn told CNBC on Wednesday, “If I’m sitting at Verizon right now…just from a business standpoint, I’d probably reserve a bunch of money against the deal or go back to Yahoo and ask for a discount.”

What is Verizon planning on Yahoo anyway? More bloatware on Android phones? Does Yahoo have spectrum that Verizon can use?

 

 

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Wow, so Verizon hacked a company they were about to buy so they could get a discount huh? Smart


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17 hours ago, 0ld_Chicken said:

Wow, so Verizon hacked a company they were about to buy so they could get a discount huh? Smart

That would be an interesting turn of events. I still like the fact that they're all appalled at the spying...pot meet kettle.

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I'll give them the hack, but the spying is a silly thing to act surprised about. US tech companies are compelled to facilitate spying on their customers. That's just public knowledge. Verizon are certainly doing the same.

I guess they might be displeased with Yahoo's mess getting publicity, but that's media's fault.

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They might have legal notions to back off the deal. They are buying the companies image, and they just get word that yahoo image is damaging to have.

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For those wondering why anyone would buy Yahoo!, they own a large number of valuable entities, both within the Yahoo branded scape, as well as non-Yahoo branded stuff, like Tumblr and Flickr (Both of which are pretty valuable properties):

https://en.wikipedia.org/wiki/List_of_Yahoo!-owned_sites_and_services


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I hope Verizon doesn't get the discount. It's not like they were going to re-do the framework or the whole mail system anyways.

 

I've had a yahoo account for 11 years. And when I had to get my email account back from it begin stolen, they had to relay me to so many people.

 

No one there even knew sbcglobal was even a thing.


 

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Yahoo has been run by easily one of the most incompetent and worthless CEO's in the last decade in tech, Marissa Mayer. Under her "leadership" she refused to bolster security defenses that multiple people brought to her desk prior to the hack. 

 

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She retaliated against employees that often questioned her judgement, even privately to let her save face. She also put the kibosh on telecommuting, which employees loved in the traffic hell that is the Bay Area. Quite frankly, I'm not sorry to see Yahoo suffer its much-deserved fate. Shame on the board of directors for not getting rid of the clown that ran this company into the ground.

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