In a not-to-surprising move, Jerry Yang steps down as CEO.
Yahoo to replace Yang as CEO, ending rocky reign
SAN FRANCISCO (AP) — Yahoo Inc. co-foundr Jerry Yang is stepping down as chief executive, ending a rocky reign marked by his refusal to sell the Internet company to Microsoft Corp. for $47.5 billion — more than triple Yahoo’s current market value.
The change in command announced Monday won’t be completed until Yahoo finds his replacement. The Sunnyvale, Calif.-based company said it is interviewing candidates inside and outside Yahoo in a search led by its chairman, Roy Bostock, and the executive recruitment firm Heidrick & Struggles.
“Jerry and the board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level,” Bostock said.
Yang, who started working on Yahoo with Stanford University classmate David Filo in 1994, will revert to “Chief Yahoo,” a titular role he filled before replacing former movie studio boss Terry Semel as CEO in June 2007. He will also remain on Yahoo’s board of directors. (Source: Associated Press)
Yang has been criticized heavily not having shown support for the Microsoft proposed acquisition. Today Yahoo trades around 10 bucks and is not looking to recover too soon.
I personally feel a little sentimental to all these web companies. Hate to see them just disappear.
My web host, Slicehost, has been acquired by Rackspace.
Big news – Rackspace and Slicehost
What an amazing day for Slicehost and our customers! Our acquistion by Rackspace has been announced and we couldn’t be more excited. Jason and I started Slicehost two years ago and it grew beyond our wildest dreams.
We believe that Slicehost and Rackspace are fantastic complements to each other. Our technology strengthens their position in the cloud hosting world. Their expertise, experience and resources enable us to improve our product and continue meeting our customers’ needs. Fear not loyal Slicehosters, we promise to keep doing what we’ve always done – listening to you and building a product that solves your problems. (Source: Slicehost)
Who is Rackspace Hosting?
Rackspace, now 10 years old, is one of the most respected companies in our industry and are now on the New York Stock Exchange (NYSE: RAX) after recently going public. Rackspace delivers computing-as-service, striving to make it reliable and affordable. One of the reasons we like Rackspace is because they think like we do… they value their customers above everything else.
I think it’s good news. I’m happy for Slicehost. Rackspace has been reputable in server offerings. Acquiring Slicehost betters Rackspace’s developer relationship and is inline with their cloud hosting ambitions which would compete directly with mights such as Amazon.
Slicehost will be a subsidiary of Rackspace. At the upcoming Rackspace Cloud Hosting event, Slicehost would be announcing larger slices and a price reduction.
Washington Mutual becomes next victim in financial turmoil. Washington Mutual is now the biggest bank failure in U.S. history as JPMorgan agree in acquisition for $1.9 billion, erm, only.
JPMorgan Buys WaMu Bank Business as Thrift Seized
JPMorgan Chase & Co., the third biggest U.S. bank by assets, agreed to acquire Washington Mutual Inc.’s deposits and branches for $1.9 billion after regulators seized the thrift in the biggest bank failure in U.S. history.
WaMu collapsed as its credit rating was slashed to junk and its stock price tumbled. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week after firing CEO Kerry Killinger this month. The bank named Alan Fishman as his replacement on Sept. 8, agreeing to pay him a $7.5 million signing bonus and $1 million salary. (Source: Bloomberg)
I’ll save my commentary.
In a rushed bid to ride out the storm sweeping American finance, 94-year-old Merrill Lynch & Co. agreed late Sunday to sell itself to Bank of America Corp. for roughly $44 billion. (Source: WSJ)
Okay, erm… So now Bank of America is going to be really huge. And they can’t fail, can they?
Aptana acquires Pydev. Pydev is an Eclipse plugin.
Aptana Acquires Pydev to add Python Support to Studio
We are very excited to announce that Pydev, the popular Python and Jython IDE, is now part of the Aptana product family and that Pydev creator, Fabio Zadronzy, will head up continued efforts to advance Pydev as part of the Aptana team. Like our products for Ruby on Rails, Ajax, and PHP, Pydev offers code completion, refactoring, code analysis, debugging support, and lots lots more. Pydev’s popularity in the Python community and Eclipse ecosystem made it the clear choice for Aptana. The acquisition sets the stage for a full Python suite of products and services ranging from local development to cloud deployment. (Source: Aptana)
Aptana is pretty neat. I use it for PHP and Ruby on Rails last time. But I didn’t find the syntax highlighting as good as Eclipse PDT and syntax highlighting is one of the main reasons I switched away. Pydev is pretty good already, lately they don’t have much significant updates.
CNET, the company that was worth $12 billion in 1999 is worth $1.8 billion 9 years later. Back then CNET was one of the websites I go to at an almost everyday basis. Everyday I’d visit at least one of those web sites, whether it is News.com or GameSpot.com or ZDNet. And later, GameFaqs too. Things start going for the worse recently with the rise of technology blogs such as Mashable, Techcrunch, Engadget and Gizmodo. All of a sudden, CNET loses its appeal. They haven’t been quick enough to get their news too, often tailing behind the blogs like Techcrunch.
CBS Acquires CNET For $1.8 Billion
CNET Networks, and all of its properties, including CNET, ZDNet, GameSpot.com, TV.com, CNET News, UrbanBaby, BNET, CHOW and Search.com, are being acquired by CBS for a total price of $1.8 billion.
Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for $11.50 per share, representing an equity value of approximately $1.8 billion. This transaction will instantly propel CBS into one of the 10 most popular Internet companies in the US, with 54 million unique monthly users, and approx. 200 million users worldwide. Continue reading CBS Acquires CNET for $1.8 billion
A piece of really old news but I thought the following paragraph’s a little funny.
Beginning in 2003, PeopleSoft battled with Oracle over control of the PeopleSoft company. In June 2003, Oracle made a $7 billion bid ($19.50/share) in a hostile corporate takeover attempt. In February 2004, Oracle increased their bid to approximately $9.4 billion ($26/share), a 33% increase; this offer was also rejected forthwith by PeopleSoft’s board of directors. Later that month, the U.S. Department of Justice filed suit to block Oracle, on the grounds that the acquisition would break anti-trust laws; however, in September 2004, the suit was rejected by a U.S. Federal judge, who found that the Justice Department had not proven its anti-trust case; in October, the same decision was handed down by the European Commission. (Source: Wikipedia)