The following is an excerpt from David Gelles | September 23, 2016 | Nytimes.com |
It was the kind of phone call no chief executive wants to make — or receive — in the middle of a multibillion-dollar deal.
On Tuesday, Lowell McAdam, the head of Verizon Communications, was on the road. Marissa Mayer, the chief executive of Yahoo, was at work in Silicon Valley. Executives at both companies were moving forward on Verizon’s $4.8 billion acquisition of Yahoo’s core business.
But Ms. Mayer had some unexpected bad news. She caught up with Mr. McAdam and Marni Walden, a rising star at Verizon who is expected to oversee the Yahoo business after the deal is complete, by phone, according to people briefed on the call, who spoke on the condition of anonymity.
Yahoo recently discovered that at least 500 million of its user accounts had been breached by hackers two years ago, well before the two companies began talks. Yahoo and law enforcement officials were scrambling to unwind the intrusion.
After calling Mr. McAdam and Ms. Walden, Ms. Mayer phoned Tim Armstrong, who leads the AOL business at Verizon and will be overseeing the integration with Yahoo, according to the people briefed on the conversation. Again, the news was not good.
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