Verizon Seeks New Deal Terms Following Latest Yahoo Hack

(Reuters) — Yahoo Inc came under renewed scrutiny by federal investigators and lawmakers on Thursday after disclosing the largest known data breach in history, prompting Verizon Communications Inc to demand better terms for its planned purchase of Yahoo’s internet business.

Shares of the Sunnyvale, California-based internet pioneer fell more than 6 percent after it announced the breach of data belonging to more than 1 billion users late on Wednesday, following another large hack reported in September.

Verizon, which agreed to buy Yahoo’s core internet business in July for $4.8 billion, is now trying to persuade Yahoo to amend the terms of the acquisition agreement to reflect the economic damage from the two hacks, according to people familiar with the matter.

The U.S. No. 1 wireless carrier still expects to go through with the deal, but is looking for “major concessions” in light of the most recent breach, according to another person familiar with the situation.

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