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US court dismisses USD 15 bln wiretap case against Facebook
2015-10-26 09:12:00| Telecompaper Headlines
(Telecompaper) A US district court in California has dismissed a USD 15 billion lawsuit against Facebook, accusing the company of secretly tracking the internet activity of its users after they log off, Bloomberg reported. The judge agreed with Facebook's argument that the case should be dismissed because subscribers did not specify how they were harmed. The judge, who took more than three years to issue his ruling after hearing arguments in the case, said the users could refile most of their claims in a revised lawsuit.
Pandora lifts Q3 revenues 30%, inks USD 90 mln settlement
2015-10-23 09:28:00| Telecompaper Headlines
(Telecompaper) Pandora and a coalition of independent and major record companies have agreed to a USD 90 million settlement for Pandora's use of recordings created before 1972. The settlement was reached between Pandora and ABKCO Music & Records, Capitol Records, Sony Music Entertainment, UMG Recordings and Warner Music Group. The deal resolves the use by Pandora of the recordings. The internet radio service also announced its third quarter results, with revenues jumping 30 percent year-on-year to USD 311.6 million. The net loss however grew to USD 85.93 million from a loss the year earlier of 2.02 million.
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Western Digital to buy SanDisk for USD 19 billion
2015-10-21 14:54:00| Telecompaper Headlines
(Telecompaper) Western Digital is expanding in the storage market with the acquisition of memory card maker SanDisk for USD 19 billion. The company agreed to buy SanDisk for USD 86.50 per share in a combination of cash and WD shares. Western Digital said the takeover will double its addressable market and expand its position in higher-growth segments. The combination also enables Western Digital to vertically integrate into NAND, giving it long-term access to solid state technology at lower cost. The company said it would maintain SanDisk's manufacturing joint venture with Toshiba after the takeover. The company expects to achieve annual synergies of USD 500 million from integrating SanDisk, within 18 months of closing the takeover, and the deal should add to EPS, excluding one-time costs, within 12 months. To help finance the acquisition, Western Digital is suspending its share buyback program and has agreed USD 18.4 billion in fresh debt. SanDisk's board supports the takeover, while its shareholders will have the final say. Pending shareholder and regulatory approval, the takeover is expected to close in Q3 2016.
Windstream sells data centre ops for USD 575 mln
2015-10-20 08:59:00| Telecompaper Headlines
(Telecompaper) US operator Windstream has agreed to sell its data centre business to TierPoint for USD 575 million in cash. Under the terms of the agreement, the two will also establish a strategic partnership which will enable them to sell their respective products and services to each other's prospective customers through referrals. The structure will allow Windstream to focus capital on its core telecom offerings while continuing to offer traditional data centre services to enterprise customers across a broader data centre footprint.
Alibaba makes USD 3.6 bln bid for Touku Tudou
2015-10-16 15:09:00| Telecompaper Headlines
(Telecompaper) Alibaba said has it has made a bid for the shares it does not already own in Chinese internet TV company Touku Tudou of USD 26.60 per share in cash, or a total of USD 3.6 billion. Alibaba already has a stake in the company of 18.3 percent. The proposal is subject to satisfactory completion of due diligence by Alibaba and the negotiation of a mutually acceptable definitive merger agreement. Under Alibaba's proposal, Youku founder Victor Koo would continue to lead the business as chairman and chief executive officer. Alibaba is making the proposal with the support of the founding shareholders of Youku, including Victor Koo, Chengwei Capital and their affiliates.
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