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Verizon Gives Notice to Yahoo after Data Breach

Verizon Communications Inc. indicated that it may perhaps demand for renegotiating its deal of $4.8 Billion for the internet company (Yahoo Inc.), after the recent disclosure by Yahoo regarding the data breach which affected accounts of over 500 million.

Verizon could look for reducing the price, or altogether quitting the deal.

Craig Silliman, a Verizon legal representative, told reporters that: "I think we have a reasonable basis to believe right now that the impact is material and we're looking to Yahoo to demonstrate to us the full impact. If they believe that it's not then they'll need to show us that."

Yahoo responded by saying that: "We are confident in Yahoo's value and we continue to work towards integration with Verizon."

Verizon has refused commenting beyond the statement of Silliman. Pcworld.com posted on October 13th, 2016, stating that Verizon was apparently looking for a discount of $1 Billion on its purchase of the internet firm (Yahoo), claiming that Yahoo's value had diminished after data breach.

The telecommunications company of New York offered buying the core assets of Yahoo in July - that includes its email service, websites and apps - thus providing lifeline to the Internet Company which was once-dominating, but for years has now bled cash along with loosing users to new competitors.

As per the technology analysts, it is not uncommon for the data breaches affecting the acquisition deals. They also said that buyers are known to demand for discounts or leave deals totally, as they don't want inheriting the problems of other company.

Yahoo said that the breach, history's largest recorded, was discovered in August. As per the firm, it happened in 2014 and has affected user accounts of over 500 million. The company, based in Silicon-Valley, blamed this on the hackers who are "state-sponsored". U.S. officials confidentially said that FBI thinks that the hack was done by hackers of Russian governments, although final decision on this has not been arrived. Yahoo recommended all the users to change the passwords, in case they haven't changed it since 2014.

Yahoo blamed a state-sponsored actor for the breach, without disclosing the name of the country that is involved. FBI too is investigating, and officials of the law enforcement believe that the hacking is constant with that of the nation states.

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