Alibaba Group

Yahoo salvages Verizon deal by giving it a $350-million discount 

Yahoo salvages Verizon deal by giving it a $350-million discount 

Yahoo Inc. is taking a $350-million hit on its previously announced $4.8-billion sale to Verizon Communications Inc. in a concession for security lapses that exposed personal information stored in more than 1 billion Yahoo user accounts.

The revised agreement announced Tuesday eases investor worries that Verizon would demand a discount of at least $1 billion or cancel the deal entirely.

The hacking bombshells, disclosed after the two companies agreed on a sale, represent the two biggest security breaches in Internet history.

The security breaches raised concerns that people might decrease their usage of Yahoo email and other digital services that Verizon is...

56°