Verizon, Yahoo agree to cut merger price by as much as $350 million

Verizon, Yahoo agree to cut merger price by as much as $350 million
Verizon, Yahoo agree to cut merger price by as much as $350 million

Verizon is close to announcing a revised takeover deal with Yahoo that will cut the price by as much as $350 million, according to a report Tuesday in The Wall Street Journal.

CNBC reported last week that the revised offer could cut the deal price by about $300 million.

Verizon agreed in July to buy Yahoo for $4.8 billion, but since then Yahoo has disclosed two massive data breaches. In December, analysts told CNBC that Verizon might use the new breaches to reduce the price of the Yahoo acquisition.

The two companies have also agreed to split future costs associated with the hack attacks, the Journal reported.

When Yahoo reported earnings in January, CEO Marissa Mayer said that the company's commitment to the security of its users was "unwavering," and that integration planning was a top priority. Buying Yahoo will give Verizon scale for its internet advertising business, which already includes AOL.

CNBC's David Faber contributed to this report.

CNBC

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