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FISHRGAME
_____________
Feature
Stories -
052005-05
/ Week tviNews
Convergence
TOP STORIES CONVERGING INTO THE - First Week of
February
•
• Yahoo Signs Lease for Space in Santa
Monica
• •
Yahoo Inc., making good on its bid to become
a force in the entertainment business, has agreed
to lease part of a Santa Monica office complex for
as much as $100 million in one of the largest
commercial real estate deals in Los Angeles County
in the last year.
• • The Sunnyvale, Calif.-based
company will lease as much as 256,000 square feet
in Colorado Center - - soon to be known as Yahoo
Center - - for 10 years. The complex is owned by
Chicago-based Equity Office
Properties.
• • Yahoo's headquarters will
remain in Northern California. Yahoo's newly formed
media group, headed by former ABC television
network Chairman Lloyd Braun, will be based in
Yahoo Center.
• • That will allow executives to
rub elbows with Hollywood deal makers without the
hassle of flying in from Northern
California.
• • A Yahoo spokeswoman declined
to discuss lease details.
• • Real estate experts estimate
that the company will have enough room for about
1,000 employees at the
complex. MORE ABOUT
•
Mark
Soval of VRA TelePlay Pictures says the Yahoo Move
to Hollywood is a
must. /
0505c
•
• Google's New Hire Fuels Browser
Speculation
• •
Google Inc. has hired the chief engineer of
the fast-growing Firefox Web browser, fueling
speculation that the online search giant may
challenge Microsoft Corp.'s dominant Internet
Explorer.
• • Until earlier this month, Ben
Goodger worked for the nonprofit Mozilla
Foundation, which is leading the Firefox effort and
other campaigns to develop software written by
large volunteer
collectives.
• • Goodger's duties at Google
weren't disclosed. But the 24-year-old wrote on his
blog that he would work on Firefox and "Web
browsing in general." A Google spokesman said
Goodger would spend half his time on Mozilla
Foundation projects. MORE ABOUT
•
Is
Google Going Into theWeb Browser Business, ala
Explorer? /
0505b
•
• AT&T May Be Bought by Baby Bell SBC
• •
SBC Communications Inc., one of the
so-called Baby Bells spawned from AT&T Corp.'s
1984 breakup, is in talks to buy its former parent,
according to people familiar with the negotiations.
A deal could be announced as early as Monday.
• • Even if the acquisition
attempt falters, though, AT&T's days as a
stand-alone firm may be numbered - - the company
falling victim to new technologies, changing
regulations and bad bets its executives made about
the future of telecommunications. The storied
Bedminster, N.J., company has stumbled for more
than a decade.
• • FCC Chairman Michael K.
Powell, reached in Davos, Switzerland, told
Bloomberg News that the SBC-AT&T talks were
"part of a growing recognition that the
communications market is really converging."
• • No price in the SBC talks was
disclosed, but the markets valued AT&T at $14.8
billion, based on Thursday's stock price.
• •
PUC Votes to Shelve Telecom 'Bill of Rights'
• •
California regulators voted to shelve the
first set of consumer protection rules in the
nation to cover both conventional and cellular
phones, handing a victory to carriers that had
complained bitterly about
them.
• • Consumer advocates said the
California Public Utilities Commission's 3-1 vote
effectively killed the so-called telecommunications
bill of rights.
• • The rules, which were adopted
by the commission May 27 and technically took
effect Dec. 6, spelled out 15 requirements aimed at
protecting people from deceptive marketing and
billing.
• • PUC Commissioner Susan P.
Kennedy said the vote didn't doom the rules but
only postponed their ultimate implementation.
Indeed, the measure on which the commission voted
included language stating that the PUC would decide
by the end of the year when the rules would again
go into effect.
• •
U.S. Economic Growth Slows to 3.1% Rate
• •
U.S. economic growth, hobbled by lower
demand for American goods and services overseas,
sagged to an annual rate of 3.1% in the final three
months of last year, the government reported.
• • It was the lowest growth rate
since the first three months of 2003, the Commerce
Department said.
• • But for all of 2004, gross
domestic product - - the broadest measure of the
nation's economic output - - grew by 4.4%. That was
its highest rate since the 4.5% registered in 1999,
shortly before the most recent recession.
• • Economists attributed the
tail-off in the final three months of 2004 to a
3.9% decline in exports, the sharpest drop in two
years. Imports grew 9.1% as the U.S. continued to
suck in goods from around the world, particularly
China and Japan.
• •
P&G to Buy Gillette in $53-Billion Deal
• •
Procter & Gamble Co. agreed to acquire
razor and battery maker Gillette Co. for $53
billion. The deal would create the world's largest
consumer-products firm.
• • If approved by regulators, the
deal would bring together Gillette's , Duracell
batteries, Right Guard deodorant and razor brands
and P&G's Tide detergent, Clairol hair products
and Folgers coffee. The combined company would have
more than $60 billion in annual revenue.
• • P&G would pay 0.975 share
for each Gillette share. Based on P&G's closing
price of $55.32 Thursday, the deal values
Boston-based Gillette at $54 a share, an 18%
premium over its $45.85 closing
price.
• • Gillette Chairman Jim Kilts
would become P&G's vice chairman. The company
would remain headquartered in Cincinnati. P&G
executives expect the deal to close sometime this
fall.
•
• Music Label Chief Faces Laundering
Charges
• •
The Justice Department has accused music
producer Irv "Gotti" Lorenzo and his brother
Christopher of laundering drug money for Kenneth "
'Preme" McGriff, charged separately with the
murders of three men.•
• Prosecutors allege that the Lorenzo
brothers and McGriff funneled about $1 million
through various ventures, including Murder Inc.,
which has since tried to soften its image by
renaming itself The Inc.
• • A 37-page indictment portrays
the Lorenzos, McGriff and five others as members of
a criminal enterprise that furthered its activities
by "intimidating and threatening to use physical
violence against others to dissuade them from
cooperating with law
enforcement."
• • Gotti and his brother were
released on $1-million bonds after pleading not
guilty in federal court in Brooklyn.
• • The Inc. is co-owned by
Universal Music Group's Island Def Jam Records,
which hasn't been charged with any
wrongdoing.
•
• L.A. Hotels to Face Labor Agency
Complaint
• •
The National Labor Relations Board's top
attorney has found that nine upscale Los
Angeles-area hotels acted illegally in declaring an
impasse in July in their talks with the hotel
workers' union, according to union and hotel
officials.
• • The general counsel's decision
to issue a complaint could be a strategic and
financial blow to the hotels, said an NLRB official
who spoke anonymously.
• • Richard McCracken, attorney
for Unite Here, which represents the hotel workers,
said the complaint could give the union certain
advantages, including the ability to call a strike
without risking permanent job losses.
• • Fred Muir, a spokesman for the
Los Angeles Hotel Employer's Council, said that the
council could appeal to an administrative law judge
and, eventually, to the entire NLRB board in a
process that could take years. The hotels also have
the option of negotiating a settlement with the
NLRB.
•
• Amgen Profit Rises 26% but Slowdown
Expected
• •
Amgen Inc. said its profit grew 26% for the
fourth quarter on strong sales of cancer-related
products but warned that the pace would slow in
2005.
• • The Thousand Oaks
biotechnology company's net income was $689
million, or 53 cents a share, up from $547 million,
or 41 cents, a year earlier. Excluding
acquisition-related expenses and other charges,
profit was $749 million, or 58 cents. Revenue rose
24% to $2.9 billion.
• • Results missed analysts'
forecast by 3 cents a share, according to Thomson
First Call. Chief Executive Kevin Sharer said Amgen
met its own estimates.
• • Amgen expects revenue growth
in 2005 to be in the high single digits to low
teens. It said adjusted per-share profit would be
$2.70 to $2.85, representing a growth rate of 13%
to 19%. The forecast doesn't include costs of
expensing stock options.
•
• Hurt by Flu-Shot Woes, Chiron Reports
Loss
• •
Chiron Corp. posted a fourth-quarter loss of
$22.9 million, clobbered by the suspension of flu
vaccine sales in October.
• • The company posted a loss of
12 cents a share, contrasted with a profit of
$121.8 million, or 61 cents a share, a year
earlier. Revenue fell 23% to $428.6 million from
$554.6 million.
• • Excluding special items, the
loss would have been 4 cents a share. Analysts
surveyed by Thomson First Call had expected 10
cents.
• • The Emeryville, Calf.,
company's flu vaccine operations were suspended in
October by British regulators. Related expenses
totaled $15 million, including $11 million in legal
costs.
• • Chief Executive Howard Pien
said he expected Food and Drug Administration
approval of a medicine for lung transplant patients
in the third quarter.
///
///
• •
------------------------------------------------------------------------
NEWS
CONVERGENCE
///
Center
Page / Feature
NEWS CONVERGENCE
Feature
TIMELINE: Top Stories To
Start The Week With:
•
Powell
to Resign as FCC
Chairman /
0505e
• Verizon
Relies OnWireless For
Profits /
0505d
• Is
Google Going Into theWeb Browser Business, ala
Explorer? /
0505b
• Mark
Soval of VRA TelePlay Pictures says the Yahoo Move
to Hollywood is a
must. /
0505c
Copyright
Protection / The U.S. is a party to
international treaties that prohibit copyright
renewal requirements.
• • YES90 / "Let a
Thousand Googles Bloom," LATimes Commentary, Jan 12
2005: Lawrence Lessig may be right that requiring
periodic copyright renewal would make it easier to
determine what works are protected, but he ignores
one major reason we eliminated copyright renewals
in the first
place.
• • The U.S. is a
party to international treaties that prohibit
copyright renewal requirements. We agreed to these
treaties and eliminated our copyright renewal
requirement after suffering many years of uncertain
protection of American works in foreign
countries.
• • At a time when
the export of intellectual property is a
significant portion of our economy, the U.S. needs
to exercise caution before abrogating treaties that
protect the works of its authors.
///
ByLines:
Editors Note
LARRY
PAGE
Bylines
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///
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