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Fri, Sep. 23, 6:00 PM
- The day after it disclosed a massive data breach it thinks affected half a billion of its user accounts, Yahoo (YHOO -3.1%) is facing questions over exactly when it found out about the incursion.
- In its statement yesterday, the company said "a copy of certain user account information was stolen from the company’s network in late 2014 by what it believes is a state-sponsored actor."
- As questions swirled today about how it knew those things and when, a source now tells The Wall Street Journal that Yahoo execs found hackers in their systems in fall 2014 that they believed were linked to Russia, and who were seeking data on a specific 30-40 users.
- The intrusion was discover several weeks after it happened, the source told WSJ. That may or may not be related to the 500M-account incident, but both incidents share the link to a "state-sponsored actor."
- The attacks were launched from computers in Russia at targets who had done business in Russia, according to the report.
- Meanwhile, the incident has drawn a negligence suit by a New York user who's seeking class action status on behalf of other users, adding another potential speed bump to Verizon's plan to acquire Yahoo.
- Verizon (NYSE:VZ) finished today up 0.4%.
Thu, Sep. 22, 3:05 PM
- In a statement, Verizon (VZ +1.2%) -- set for a $4.83B deal to acquire Yahoo (NASDAQ:YHOO) -- says it was aware of the latter's giant security breach in the past two days.
- "We understand that Yahoo is conducting an active investigation of this matter, but we otherwise have limited information and understanding of the impact," the telecom said in a statement tweeted out by an account for Bob Varettoni of Verizon PR.
- "We will evaluate as the investigation continues through the lens of overall Verizon interests, including consumers, customers, shareholders and related communities. Until then, we are not in position to further comment."
- Yahoo this hour has confirmed that a late-2014 breach resulted in stolen user information that Yahoo believes affects 500M user accounts. Its shares, up as much as 1.7% earlier, have turned negative, -0.1%.
Thu, Sep. 22, 2:43 PM
- Yahoo (YHOO +0.7%) has confirmed a giant data breach that it believes came from a "state-sponsored actor."
- Some 500M user accounts are affected, the company believes, in a breach that occurred two years ago.
- "A recent investigation by Yahoo Inc. has confirmed that a copy of certain user account information was stolen from the company’s network in late 2014 by what it believes is a state-sponsored actor," the company says in a statement.
- That stolen information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers, the company says -- but not unprotected passwords, or payment card data and bank account information (which are stored separately).
- Yahoo is encouraging users to review their accounts and chnage passwords and security questions. It's invalidating unencrypted security questions and answers so they can't be used.
- The company's begun posting updates to its Security Issues FAQ page.
- Previously: Yahoo expected to confirm massive data breach (Sep. 22 2016)
Thu, Sep. 22, 4:38 AM
- Yahoo (NASDAQ:YHOO) is poised to confirm a massive data breach of its service, several sources told Re/code, outlining that the hacking may have exposed several hundred million user accounts.
- While sources were unspecific about the extent of the incursion, since there is the likelihood of government investigations and legal action related to the breach, they noted that it is widespread and serious.
Wed, Sep. 14, 2:39 AM
- Alibaba (NYSE:BABA) is not looking to buy the remaining piece of Yahoo (NASDAQ:YHOO), which includes a large stake in the Chinese e-commerce giant, because it would face a hefty U.S. tax bill in order to do anything with those shares.
- "If there was an easy tax solution someone would have figured it out already," said Joseph Tsai, Alibaba's executive vice chairman. Buying back the stock "doesn't solve our tax problem" because it's still a U.S. corporation.
Mon, Sep. 12, 6:21 PM
- "Job changes" are ahead for Yahoo (YHOO +1.3%) as it heads for a merger with AOL (VZ +1.5%), says AOL chief Tim Armstrong, but that doesn't necessarily mean cuts.
- Speaking at TechCrunch Disrupt, Armstrong said the deal's "not about job cuts" but synergies would inevitably lead to changes.
- "Google is search, Facebook is social, we're going to be brand," Armstrong said in outlining a strategy that builds its media brands to leverage ads across all its platforms.
- On Friday, Yahoo posted the lengthy sale proxy for its $4.83B acquisition by Verizon and AOL.
Fri, Sep. 9, 7:29 PM
- In a lengthy acquisition proxy filed tonight, tied to its eventual $4.83B deal to be acquired by Verizon (VZ -3.3%), Yahoo (YHOO -3.3%) revealed that as many as 51 parties expressed initial interest in buying the company after Feb. 19, a number that whittled down to 32 signing confidentiality agreements, then 19 in early April and 14 by April 18.
- The filing also provides voluminous details of discussions around an (unconsummated) deal between Yahoo, Yahoo Japan and Alibaba.
- As forecast, what's left after the Verizon sale ("RemainCo") will be only cash and marketable securities, shares in Alibaba, shares in Yahoo Japan, other minority equity investments, and IP assets held in Excalibur. It will be an investment company with a new ticker.
- Yahoo would owe a $144.8M termination fee if it bolts for a "superior proposal."
- Along with authorizing the sale to Verizon, shareholders will be asked to consider a nonbinding advisory proposal to approve compensation payable to Yahoo execs -- and "certain directors and executive officers of Yahoo have interests in the Sale Transaction that may be different from or in addition to the interests of Yahoo stockholders generally."
- In particular, Yahoo restricted stock units held by those employees who would be heading to Verizon would be replaced with cash-settled Verizon RSU awards. CEO Marissa Mayer has $86.4M in Yahoo stock options and RSU awards outstanding; CFO Ken Goldman has $27.1M; Chief Revenue Officer Lisa Utzschneider $21.8M; General Counsel Ronald Bell $16.2M. Co-founder and "Chief Yahoo" David Filo cashed out.
- Golden parachutes tied to the sale, for named execs: Mayer, $44M; Goldman, $12.2M; Utzschneider, $20.5M; Bell, $12.4M; Filo, $65,742.
- After hours: VZ -0.2% ; YHOO -0.4%.
Fri, Aug. 26, 12:24 PM
- Yahoo Esports (YHOO +0.2%) and ESL will collaboratively work to develop and distribute live gaming tournaments.
- Integrated advertising and sponsorships will be promoted through Yahoo's platform.
- Yahoo: "Our Yahoo Esports team is extremely excited to be partnering with ESL to bring greater coverage of its leading esports events, as well as innovate in new competitive formats and content offerings that we are sure will excite both fans and advertisers alike. Yahoo’s unique storytelling, highly talented editorial staff and global scale are a great combination with ESL’s experience and leadership in the space."
- The deal is for a two-year term. Twitter last month partnered with ELEAGUE in a move to live-stream esports on the platform for the first time.
- Press release
Fri, Aug. 12, 3:40 PM
- Microsoft (MSFT -0.8%), eBay (EBAY -0.7%), Etsy (ETSY -0.9%), Yahoo (YHOO +3.9%), Tencent (OTCPK:TCEHY -1.1%), Pinterest (Private:PINIT) and others have signed a commitment to impede trading of illegal wildlife and related products on their respective platforms in collaboration with the World Wildlife Fund, TRAFFIC and the International Fund for Animal Welfare.
- The aim is to stem supply and accessibility to a growing market for exotic and rare items obtained through poaching and other illegal means. The companies and organizations are looking to establish a "standardized, industry-wide policy framework on online wildlife trade." Wild live animals and plants or products derived from them through an illegal manner are the primary focus of the initiative.
- Though notable absentees include Amazon and Facebook, the proliferation of e-commerce and online marketplaces alongside the growth of a complex wildlife trade have clearly sparked a response from the platforms these items may appear on.
Fri, Aug. 12, 1:47 PM
- Yahoo (YHOO +3.3%) announced the feature on Tumblr noting: "We are excited to say that the days of scouring the internet to find where your live sports are streaming are a thing of the past."
- Other attributes mentioned include the ability to discover available streaming options for specific live baseball games with only those absent of blackout restrictions or rights issues being displayed.
- The move comes among recently increased live-streaming focus from Facebook, Twitter, Google and others in both sports and non-sports segments.
- The updates are rolling out today.
Thu, Aug. 11, 10:44 AM
- Alibaba (BABA) is gaining (+5.67%) since posting strong Q2 results this morning and Yahoo (YHOO +3.8%) is following suit.
- Yahoo's recent deal with Verizon involved core assets and real estate while maintaining its 15% investment in Alibaba.
- Yahoo is up more than 9% on a 1-month basis, over 10% on a 3-month basis and is currently trading at its highest point in more than a year, up 15% on a 1-year basis.
Mon, Aug. 8, 10:07 AM
- Coinciding with the extension of its deal with Yahoo, Hulu is bringing its free TV viewing service to an end.
- The streaming service -- co-owned by NBCUniversal (CMCSA -0.6%), Disney (DIS +0.2%), and Fox (FOX -0.8%, FOXA -0.7%), being joined by Time Warner (TWX -0.5%) -- will make its free content available through distribution partners including Comcast, and Yahoo (YHOO -0.1%) will host ad-supported content on Yahoo View.
- It's an unsurprising next step from Hulu, which has made its free content all but impossible to locate on the service as it promoted its subscription tiers (ad-light and ad-free for $7.99/month and $11.99/month respectively) and pushed its competition with Netflix and Amazon Prime.
- That new offering from Yahoo -- essentially a relaunch of its recently shuttered Yahoo Screen -- will serve as the destination for recent episodes of key programs that used to be available on Hulu as well. It will feature the five most recent episodes of shows from ABC, NBC and Fox (eight days after original airing).
Mon, Aug. 8, 9:38 AM
- Yahoo View introduced as a TV-watching site featuring the ability to watch the last five available episodes of shows from Hulu partners ABC, NBC, FOX and others.
- A unique aspect of the arrangement is a Tumblr integration enabling users to simultaneously browse photos and GIFs in an effort to create a "community-watching experience."
- Similarly, a "beyond the episode" section with enhanced content, spoiler-blocking capabilities and picture-in-picture viewing also featured.
- Yahoo (YHOO +0.4%) has already had a long-standing distribution contract with Hulu.
- Relating to this deal, Yahoo is considered a Hulu "preferred partner", meaning exclusive distribution rights are not included.
Fri, Aug. 5, 4:52 AM
- Yahoo (NASDAQ:YHOO) is shutting down its "legacy" Messenger platform, the main tool used by oil traders to communicate since the late 1990s.
- The follow-up version of the messaging service cannot be used by the industry as it doesn't meet compliance standards like saving conversations.
- While a raft of alternatives exist, users have expressed concerns about a fragmented communication market.
Tue, Aug. 2, 2:39 PM
- Yahoo (YHOO -0.7%) has answered employee questions about its deal to be acquired by Verizon (VZ -1.3%) for $4.8B, and one loomed larger than others: The company says there won't be layoffs between now and the deal's completion, set for Q1.
- Yahoo has laid off at least 1,600 since initiating cuts in February. And while job losses may be off for now, analysts had predicted heavy workforce cuts in the eventuality that Yahoo were acquired by someone like Verizon.
- "At this time, Yahoo is not planning any layoffs in anticipation of the transaction closing," the company said in one of two sets of answers (SEC filing). "Prior to the transaction closing, we will continue to operate our business independently, focus on achieving our corporate goals and manage employee performance in the ordinary course of business." Will there be layoffs after the transaction closes? "That is a decision for Verizon."
- On CEO Marissa Mayer: "Marissa is committed to Yahoo, its employees and its stockholders and plans to see the company through the next phase of its transition to Verizon ... Post-closing Verizon will determine the leadership structure of the combined entity."
- As expected, what's left after the Internet assets and real estate go -- now called "RemainCo" -- will retain stakes in Alibaba Group and Yahoo Japan along with non-core IP, and be renamed as a registered investment company. Employee shareholders of Yahoo stock will continue to hold RemainCo stock after the closing.
Tue, Jul. 26, 9:28 AM
- Verizon (NYSE:VZ) is 0.5% lower premarket following a Q2 earnings report where profits beat expectations despite falling off sharply in a quarter impacted by a lengthy wireline strike.
- Revenues dropped more than 5% and missed expectations by about 1.4%. Operating income was $4.6B, with a margin of 14.9%.
- The company posted 615,000 retail postpaid net additions, bringing end-of-quarter retail connections to 113.2M (up 3.3%) -- retail postpaid connections grew 3.9% to 107.8M; prepaid connections fell to 5.4M. Retail postpaid churn was 0.94% (up 4 basis points).
- There's a lot of Yahoo (NASDAQ:YHOO) books to go over, but the cost synergies should be "meaningful," said CEO Lowell McAdam.
- Cash flows from operations were $5.4B; $12.8B through the first half, down $6.1B from the year-ago period (which included a one-time $2.4B benefit tied to monetizing towers).
- Press Release