Verizon/Yahoo update, iPhone hack … 5 things to know today

1. Verizon Communications could announce a deal to buy Yahoo as soon as next week. The carrier is expected to pay around $5 billion for Yahoo’s core internet business, but take a pass on the company’s patent portfolio. Verizon, which already owns AOL, can combine the two internet portals to create a digital advertising platform to complement its Go90 mobile video business.
Verizon had more than $5 billion in cash on its balance sheet at the end of the first quarter. The company is expected to be an active bidder in upcoming spectrum auctions, but may not have to pay for new spectrum until sometime next year, depending on the timing of the auctions.
2. IPhone users are vulnerable to an attack that could enable hackers to steal passwords without their knowledge, according to published reports. Apple has released its 9.3.3 operating system, said to be the best defense against the hack, which uses the software that renders images on Apple devices.
3. Tower giant Crown Castle said second-quarter site rental rose 9% year-on-year to $805 million, while operating income rose 6% to $550 million. Jay Brown, the company’s former CFO, has taken on the CEO role as part of a previously announced transition. Former CEO Ben Moreland is now Crown Castle’s executive vice chairman.
Crown’s small cell business continues to grow, representing just under $100 million in site rental revenue for the most recent quarter. Crown has made a number of acquisitions of fiber providers, including the purchase of Sunesys last year, to support its growing small cell business.
4. Samsung is striking back at Huawei, suing the Chinese company on its home turf for patent infringement. Samsung filed the lawsuit in an intellectual property court in Beijing after Huawei sued Samsung earlier this year in both China and the United States. Samsung is claiming Huawei’s Mate 6 and Honor smartphones make illegal use of Samsung’s patents.
5. Samsung also is looking to China as it explores new markets for its chips and devices. The company hopes to accelerate its connected car business by working with Chinese carmaker BYD. The company, which makes electric cars and batteries, said Samsung purchased a 2% stake for $445 million. One of BYD’s other investors is U.S. billionaire Warren Buffett.
Samsung’s move into China’s automotive market comes a few weeks after Apple announced its $1 billion purchase of Chinese ride-hailing service Didi. The move was seen by some as Apple’s first step into China’s emerging connected car market.