Verizon has officially announced a $350 million reduction to the price it will pay for Yahoo’s core internet business. The cut is reportedly due to the disclosure of two security breaches at Yahoo in recent years.
News broke of the lower offer last week, with both parties in the deals expected to share legal responsibilities related to the cyber breaches. Going forward Altaba, the investment portion of Yahoo, will retain the search engine’s valuable holdings in China and Japan.
Verizon announced plans in July of last year to acquire Yahoo for $4.83 billion.