Verizon Communications Inc bought Yahoo's Internet business in June.
Yahoo Inc owes a prize promoter US$5.5mil (RM23.5mil) for backing out of a contract to pay US$1bil (RM4.29bil) for predicting every winner in the 2014 NCAA men's basketball tournament, and entering a similar contract with Quicken Loans Inc and Warren Buffett's Berkshire Hathaway Inc, a court decided on Monday.
The 5th US Circuit Court of Appeals in New Orleans said SCA Promotions Inc was entitled to half of its US$11mil (RM47.1mil) contract with Yahoo as a cancellation penalty.
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