Verizon Communications and Yahoo have agreed to knock as much as $350 million off their $4.83 billion deal in order to resolve fallout from two massive breaches Yahoo disclosed last year, according to people familiar with the matter. 

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The two companies also will split evenly any future liabilities and legal costs that arise from the breaches, the people said. The revised deal could be announced as soon as Tuesday, they said, and could close in mid-April. 

Verizon agreed to acquire Yahoo's core internet properties and operations in July as part of its effort to build a digital advertising company to compete with Alphabet's Google and Facebook.

 

Write to Ryan Knutson at ryan.knutson@wsj.com and Dana Cimilluca at dana.cimilluca@wsj.com

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